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These are the lowest national mortgage rates in Canada right now



As of June 2024, Canadian homebuyers can find some of the lowest national mortgage rates by shopping around and comparing offers from various lenders. Currently, the best 5-year fixed mortgage rates are hovering around 4.69% to 4.94%. Desjardins offers a 5-year fixed rate at 4.69%, making it one of the most competitive rates available. Meanwhile, other institutions like B2B Bank, First National Financial, and Meridian offer rates around 4.89%.


For those considering variable rates, the best high-ratio 5-year variable mortgage rate is approximately 5.70%. This rate is available across multiple provinces, including Ontario, Quebec, British Columbia, and Alberta.


The Bank of Canada’s recent decision to lower its overnight rate from 5% to 4.75% has influenced these rates, providing a slight relief in variable mortgage rates. This change is part of a broader trend to ease borrowing costs amid declining inflation.


Shopping for the best mortgage rates involves more than just comparing the numbers; understanding the types of mortgages and terms that fit your financial situation is crucial. Fixed rates provide stability and predictability, while variable rates might offer lower initial rates but come with the risk of fluctuating payments. Utilizing tools like mortgage calculators and consulting with mortgage brokers can help homebuyers find the most suitable and affordable options.


For those looking to secure a mortgage, starting with an online comparison can be beneficial. Websites like Ratehub and Savvy New Canadians offer up-to-date rate comparisons and can guide you through the process of securing the best possible rate.


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