As of September 17, 2025, the mortgage rates in Canada are as follows:

• 2-year fixed conventional mortgage rate: 5.01%
• 3-year fixed conventional mortgage rate: 4.76%
• 3-year variable conventional mortgage rate: 5.50%
• 4-year fixed conventional mortgage rate: 5.27%
• 5-year fixed conventional mortgage rate: 4.70%
• 5-year variable conventional mortgage rate: 4.68%
• 7-year fixed conventional mortgage rate: 5.76%
• 10-year fixed conventional mortgage rate: 6.78%

These rates vary depending on the term length and whether the rate is fixed or variable. The 5-year fixed and 5-year variable rates are among the most popular mortgage options in Canada right now, with average rates around 4.70% and 4.68% respectively. Insured rates and terms may have different conditions and rate offers. The Bank of Canada recently lowered interest rates, which directly affects variable mortgage rates and may shift preferences between fixed or variable rate mortgages. Most Canadian mortgages up for renewal in the coming years face the possibility of payment shock due to higher interest rates compared to the historically low pandemic-period rates.

Major banks like RBC, TD, CIBC, BMO, and Scotia offer competitive mortgage rates around these ranges, with occasional special offers.