The best mortgage rates in Canada as of mid-September 2025 are approximately:

• 5-year fixed mortgage rates average about 4.70%, with some lenders offering as low as 3.89% for insured mortgages.
• 5-year variable mortgage rates average around 4.68%, with the best variable rates near 3.95%.
• Shorter term fixed rates, such as 3-year fixed rates, average around 4.76%.
• Major Canadian banks like RBC offer 5-year fixed rates around 4.59% and 5-year variable rates at about 4.20% (RBC Prime - 0.5%).

Choosing between fixed or variable rates depends on expectations about future interest rate changes, with fixed rates offering stable payments and variable rates potentially lower costs if rates decline. These rates vary by lender, mortgage insurance, loan-to-value, and whether the mortgage is prime insured or conventional. It is advised to compare personalized rates from multiple lenders to find the best option based on individual circumstances.