Today’s Mortgage Rates updated as of November 25, 2024 12:45 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
Mortgage interest rates are a cornerstone of the Canadian housing market. For both homebuyers and those looking to refinance, understanding current trends and projections is vital. This guide provides insights into interest rate trends, historical data, expert predictions, and essential strategies to secure the best rates.
Learn more about how the Bank of Canada sets interest rates.
Lean more about today’s best mortgage rates in Canada.
Mortgage interest rates are the cost borrowers pay to lenders for the funds required to purchase or refinance a home. These rates vary depending on economic conditions, lending policies, and the type of mortgage chosen.
Read about how fixed and variable rates compare on the Government of Canada website.
Understanding the data behind Canada’s mortgage market can help buyers and refinancers make better decisions. Below are key statistics related to mortgage activity in Canada.
Refinancing Activity:
Mortgage Terms:
Average Interest Rates:
| Year | 5-Year Fixed Rate (%) | Bank of Canada Overnight Rate (%) |
|---|---|---|
| 2019 | 3.49% | 1.75% |
| 2020 | 2.69% | 0.25% |
| 2021 | 2.89% | 0.25% |
| 2023 | 5.25% | 4.50% |
Key Observations:
Explore historical interest rates from Statistics Canada.
| Term | Fixed Rate (%) | Variable Rate (%) |
|---|---|---|
| 1-Year Fixed | 6.00% – 6.50% | Not Available |
| 5-Year Fixed | 5.50% – 6.25% | 5.10% – 5.75% |
| 10-Year Fixed | 6.20% – 6.90% | Not Available |
Stay updated on daily rate trends from CMHC.
Using a mortgage broker that has access to some of the lowest mortgage rates in Canada, is key to ensure you have the best approval rate.
While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
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Economists expect moderate adjustments in mortgage rates for 2024 as the Bank of Canada balances inflation control and economic growth.
Projected Influencing Factors:
At Citadel Mortgages, we recognize how important it is to stay informed about changing mortgage interest rates. Whether you’re purchasing your first home, refinancing, or renewing your mortgage, we’re here to guide you through the process with solutions that suit your financial needs, even in fluctuating rate environments.
From fixed to variable rates, we offer tailored solutions that help you secure the most competitive interest rates for your situation.
Our team monitors the Canadian mortgage market to provide insights on current rates, helping you make informed decisions.
We focus on finding solutions, even if you’ve faced credit challenges or financial setbacks.
Income constraints shouldn’t hold you back. We specialize in making homeownership accessible for Canadians in various financial situations.
Enjoy a smooth experience with quick approvals and clear communication every step of the way.
Secure today’s interest rates to avoid surprises if rates increase before your mortgage closes.
Consolidate high-interest debt into a single, lower-interest mortgage payment, saving you money and simplifying your finances.
Choose flexible payment terms that fit your budget, whether you prefer the stability of a fixed rate or the potential savings of a variable rate.
Refinance your mortgage to tap into your home’s equity for renovations, debt consolidation, or investment opportunities.
A higher interest rate increases monthly payments, while lower rates reduce overall costs.
Fixed rates offer stability, while variable rates provide potential savings if market rates drop.
Yes, refinancing allows homeowners to take advantage of lower rates, depending on lender terms and fees.
Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.
Mortgage rates remain a critical factor in home affordability for Canadians. By understanding current trends, leveraging the right tools, and working with a trusted partner like Citadel Mortgages, you can secure the best rates and achieve your financial goals.
At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:
Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.
Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.
Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.
We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.
At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.
For personalized advice and the best mortgage rates in Toronto, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.
See how you can save and become mortgage-free sooner
Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.
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