Mortgage Rates

Competitive Mortgage Rates

We compare mortgage rates from top lenders so you get the best rate available. Check out the current rate offerings for fixed and variable term mortgages.

If you see a lower advertised rate, ask us about it! With our large network of Canadian lenders, chances are we can offer that rate or lower.

Mortgage Rates

MORTGAGE RATES

Latest Interest Rates

Fixed

Popular rates for Purchase and Switch Mortgages. Closed term, Fixed¹ rates.

3-Year Fixed
5.14%
5-Year Fixed
4.88%

Variable

Popular rates for Purchase and Switch Mortgages. Closed term, Variable (VRM¹) and Adjustable (ARM¹) rates.

5-Year VRM
6.20%
5-Year ARM
-1.00%

Bank of Canada

Key interest rates set by the Bank of Canada (BoC).

Qualifying Rate²
5.25%
Overnight Rate³
5.00%
Prime Rate³
7.20%

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RATE TYPES

More than a Number

The Bank of Canada’s Prime Rate influences variable and adjustable interest rates. The Prime Rate is reviewed eight times per calendar year, at which point the bank may choose to lower, raise, or keep the pace the same.

More Than A Number

Variable Rate Mortgages (VRM) and Adjustable Rate Mortgages (ARM) are often used interchangeably. These rates are typically based on the Bank of Canada’s prime rate but how they are applied differ. 

Here is the difference:

Adjustable Mortgage Rate: 

An adjustable mortgage rate, also known as an (ARM), is a mortgage interest rate that can change over the term. The interest rate can increase or decrease based on changes in the prime rate, affecting your mortgage payment. This means your monthly mortgage payment can increase or decrease depending on the fluctuations in interest.

(ARM, changes impact the mortgage payment directly).

Variable Mortgage Rate: 

A variable mortgage rate, also known as a (VRM), is a mortgage interest rate that can change over the term based on changes in the prime rate, affecting your mortgage amortization. This means your mortgage amortization, the total length to which your mortgage is paid, can increase or decrease depending n the fluctuation in interest.

(VRM, changes impact the amortization).

These rates have many benefits over a Fixed Interest Rate, particularly the Adjustable Mortgage Rate.

Variable Rate Mortgages (VRM) with Amortization Period Adjustment

The mortgage payment amount does not change during the term of the mortgage. Changes to the interest rate affect the amortization period

A decrease in the interest rate will shorten the amortization period. While an increase in the interest rate will lengthen the amortization period.

Variable Rate Mortgages (VRM) with Outstanding Balance Adjustment

The mortgage payment amount does not change during the term of the mortgage. Changes to the interest rate affect the outstanding balance

A decrease in the interest rate increases, more payments cover interest and less to the principal.

A fixed-rate mortgage is where the interest rate remains the same throughout the term of the loan. Your mortgage payment will be fixed and will not change over the loan term.

Advantages

Disadvantages

CHARTERED BANKS

Interest rates posted for selected products by the major chartered banks

Published Weekly, rates in percentage. Source: Bank of Canada: Interest Rates Offered by Chartered Banks

M FACTORY

Mortgage News

Mortgage Interest Rate Cuts In June?

Mortgage Interest Rate Cuts In June?

February’s inflation numbers suggest a possible shift in the monetary policy stance of the Bank of Canada, with speculation rising that it may opt for its first mortgage interest rate cut as early as June.

First-Time Homebuyer Incentive Terminated

First-Time Homebuyer Incentive Terminated

The initial promise of the first-time homebuyer incentive seemed like a beacon of hope for many prospective homebuyers grappling with the challenge of saving up for a down payment. Regrettably, the program’s execution left much to be desired,

Too Early For Rate Decrease: Bank Of Canada

Too Early For Rate Decrease: Bank of Canada

The Bank of Canada’s Governing Council is hesitant to pinpoint when they might begin easing interest rates, as indicated in the summary of discussions from their January 24 meeting.

Mortgage Porting Bring Your Mortgage With You

Mortgage Porting: Bring Your Mortgage With You

Suppose you are committed to a five-year mortgage term with two years left until renewal. However, recent changes in your life, such as a new job offer requiring relocation or the need for more space due to a

Legal Disclaimer

¹ Personal lending products and residential mortgages are offered by the lender and are subject to those lending criteria, terms and conditions. Offers may be changed, withdrawn or extended at any time without notice. Interest rates are provided for information purposes only.
² OSFI’s guideline B-20 sets the minimum qualifying rate for mortgages. It is the greater of the contractual mortgage rate plus two percent or the five-year benchmark rate published by the Bank of Canada.
³ Bank of Canada’s published rate values.

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