Compare the best Big 5 Bank mortgage rates
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Big 5 Bank Mortgage Rates
Rates updated:
| Provider | 5 Year variable | 5 Year fixed | 3 Year fixed | 10 Year fixed |
|---|---|---|---|---|
Best market rate | 0.98% Prime -1.47 view provider | 1.64% view provider | 1.53% view provider | 2.74% view provider |
1.42% Prime -1.03 | 2.31% | 2.14% | 4.09% | |
1.40% Prime -1.05 | 1.89% | 2.14% | 3.30% | |
1.75% Prime -0.70 | 2.29% | 2.24% | 3.24% | |
1.44% Prime -1.01 | 1.99% | 3.49% | 6.09% | |
1.55% Prime -0.90 | 2.19% | 2.24% | 5.80% |
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Comparing bank mortgage rates
Jamie David, Business Director Mortgages
Getting a mortgage is a major financial commitment and can make big changes to your lifestyle. So, taking the time to choose the right mortgage is really important. For most Canadians, the Big 5 Banks are what they will think of first when they consider taking the mortgage plunge - but the big banks are not your only choice.
Below are some essential details about getting a mortgage from one of the Big 5 Banks, or from any other kind of lender.
Posted rates vs. best rates
When comparing bank mortgage rates, it’s important to know that these rates represent the banks' posted mortgage rates. The posted rate is simply the rate that the bank is advertising in public. However, banks are often able to offer even lower rates, in order to secure a borrower's business. You may be able to access these discounted rates through negotiation, or by reaching out to a representative mortgage broker. Some banks offer rates several percentage points below what is posted, so it's worth taking the time to see if you can get a better offer.
Bank rates vs. broker rates
As you may have noticed, bank mortgage rates are almost always higher than those of mortgage brokers. That is because mortgage brokers have access to rates from multiple banks and credit unions, as well as insurance and trust companies. That means they can essentially "shop around" for you. Brokers also receive discounts from lenders based on the high volume of their business, which they can pass along to you.
As a result, it’s unlikely that 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. That said, we don’t recommend pitting the banks and brokers against each other to compete for your business. What we do recommend is comparing broker mortgage rates and bank mortgage rates alongside each other, and deciding which offer is best for you.
Comparing mortgage rates with Ratehub.ca
Whether you're considering using a bank or broker, a variable or fixed mortgage rate, or a one to a ten-year term, we can help. Our tools find the best mortgage rates for every category and type of lender, personalized to you. Ratehub.ca is an independent source, so we’re able to provide unbiased guidance and education on getting the best mortgage to suit your needs.
Author bio
Jamie David
Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.