Bank Mortgage Rates

Rates updated: December 11, 2019 12:24 PM

Compare bank mortgage rates below and observe how they stack up against the best mortgage rates in the market. Whether you are considering using a bank or broker, a variable or fixed mortgage rate, from one to a ten year term, Ratehub.ca sources the best mortgage rates for every category and type of lender. Ratehub.ca is also a neutral source, neither a lender nor a broker, so we are able to provide you with unbiased guidance and education on obtaining the best mortgage to suit your needs.

Provider	5-YR Variable	3-YR Fixed	5-YR Fixed	10-YR Fixed
motusbank	2.89^% Prime - 1.06	2.79^%	2.79^%	N/A
HSBC	2.89^% Prime - 1.06	3.69^%	2.49^%	2.99^%
Alterna Savings	2.99^% Prime - 0.96	2.84^%	2.89^%	3.24^%
First National	3.05^% Prime - 0.90	2.99^%	2.84^%	4.39^%
Innovation Credit Union	N/A	N/A	2.89^%	N/A
Equitable Bank	2.90^% Prime - 1.05	3.79^%	2.79^%	N/A
TD Bank	3.15^% Prime - 0.80	3.09^%	3.07^%	3.70^%
Tangerine	3.25^% Prime - 0.70	2.79^%	2.89^%	3.19^%
Bank of Montreal	3.30^% Prime - 0.65	2.89^%	2.87^%	4.48^%
Scotiabank	3.35^% Prime - 0.60	2.89^%	2.99^%	3.74^%
RBC Royal Bank	3.35^% Prime - 0.60	3.40^%	3.24^%	6.20^%
Laurentian Bank	3.60^% Prime - 0.35	4.34^%	3.04^%	6.60^%
Desjardins	3.95^% Prime - 0.00	4.34^%	3.19^%	6.60^%
CIBC	3.95^% Prime - 0.00	3.94^%	3.04^%	6.64^%
National Bank	3.95^% Prime - 0.00	3.94^%	3.09^%	6.50^%
Simplii Financial ™	3.95^% Prime - 0.00	3.89^%	4.99^%	6.25^%
	N/A

Market Best Mortgage Rates	2.50^% Prime - 1.45 CanWise Financial A Ratehub Company (3383) Lic. 12530 Inquire _{Compare all rates}	2.55^% Butler Mortgage (511) Lic. 12118 Inquire _{Compare all rates}	2.49^% HSBC Inquire _{Compare all rates}	2.99^% HSBC Inquire _{Compare all rates}

Posted rates vs. best rates

When comparing bank mortgage rates it is important to know that these rates represent the banks' posted mortgage rates. The posted rate is simply the rate that the bank is advertising publicly. However, banks often have the capacity to offer lower rates, which you can access either through negotiation or reaching out to a representative mortgage broker. Some banks offer rates several percentage points below what is posted, so do not get locked in to a higher market rate than is obtainable.

Bank rates vs. broker rates

As you may have noticed, bank mortgage rates are almost always higher than those of a mortgage broker. That is because mortgage brokers have access to rates from multiple banks and credit unions, as well as insurance and trust companies, so they can essentially "shop around" for you. Brokers also receive discounts from lenders based on the high volume of their business, which they then pass along to you. As a result, it is highly unlikely a bank will post a lower rate than a mortgage broker; however, if you present the lowest market rate to your bank as part of the negotiation process, they may offer to match it. Still, we do not recommend plotting the banks and brokers against each other to compete for your business.

Comparing bank mortgage rates

You may notice that in addition to the discrepancy of the posted mortgage rates between banks and brokers, there is also a considerable difference between the rates of many banks. So, for example a TD mortgage rate with a 5-year fixed term may be 0.5% lower than the BMO mortgage rate in the same category. This discrepancy is often standard pricing strategy based on desired market share, competition, and marketing policy.