Compare Canadian Mortgage Rates: All Terms, Every Lender
One table, every term. Below you’ll find current 3-year fixed, 5-year fixed, and 5-year variable rates from Canada’s Big 5 banks and major challenger lenders, sorted by the best 5-year fixed rate. Use this view to evaluate the real spread between short and long terms, and between fixed and variable — before choosing which direction to lock.
Rate Comparison TableLast updated 2026-05-15
| Lender | 5-Year Fixed | 3-Year Fixed | 5-Year Variable |
|---|---|---|---|
Lender 1 | 4.24% | 4.09% | 3.49% |
Bank 1 | 4.29% | 4.39% | 3.65% |
Bank 4 | 4.29% | 4.49% | 3.95% |
Bank 5 | 4.51% | 4.29% | 4.53% |
Bank 2 | 4.59% | 4.74% | 4.09% |
Bank 3 | 4.94% | 4.79% | 4% |
Rates are posted or discounted offers sourced directly from each lender. Your actual rate depends on credit profile, down payment, property type, and whether the mortgage is insured.
How to Read This Comparison
Fixed vs. variable: In a cutting cycle (2026’s base case), variable rates benefit as the Bank of Canada reduces its Policy Rate. Each 25bp cut flows directly to your rate within a billing cycle. Fixed rates already price in expected cuts, so the headline gap between a 5-year fixed and 5-year variable narrows during easing cycles.
Short term vs. long term: When the yield curve is inverted (short-term yields higher than long-term, as in 2026), 2-year and 3-year fixed rates can match or beat 5-year fixed. In that environment, shorter terms offer optionality without the usual rate premium — you renew into whatever environment emerges in 24–36 months without paying IRD.
Posted vs. discounted: Big 5 banks maintain artificially high “posted” rates (used for IRD penalty calculations) while offering meaningfully lower discounted rates at origination. The rates shown above are discounted best-case offers, not posted.