Compare the best Big 5 Bank mortgage rates

RBC, TD, CIBC, Scotiabank, and BMO mortgage rates compared

Getting a mortgage is a major financial commitment, so it’s worth taking the time to compare your options carefully. For many Canadians, the Big 5 banks are the first place they’ll look when starting their mortgage search. CMHC reports that the big banks accounted for 59% of originated mortgages in Canada in 2025, showing how dominant they remain in the market. Below, we look at how mortgage rates from Canada’s biggest banks compare today.

What are TD Bank’s mortgage rates?

As of April 1, 2026, TD Bank is offering 4.09% for a 5-year variable mortgage, 4.59% for a 5-year fixed mortgage, and 4.74% for a 3-year fixed mortgage. For real-time updates, consult the table above to compare TD’s rates with other Big 5 banks and the best available market rate.

What are Scotiabank’s mortgage rates today?

As of April 1, 2026, Scotiabank is offering 4.00% for a 5-year variable mortgage, 4.94% for a 5-year fixed mortgage, and 4.79% for a 3-year fixed mortgage. For real-time updates, consult the table above to see how Scotiabank’s rates compare with other major banks.

What is RBC’s mortgage rate?

As of April 1, 2026, RBC is offering 3.65% for a 5-year variable mortgage, 4.29% for a 5-year fixed mortgage, and 4.39% for a 3-year fixed mortgage. For real-time updates, consult the table above to compare RBC’s rates with other Big 5 lenders.

What is CIBC’s mortgage rate?

As of April 1, 2026, CIBC is offering 3.95% for a 5-year variable mortgage, 4.29% for a 5-year fixed mortgage, and 4.49% for a 3-year fixed mortgage. For real-time updates, consult the table above to see how CIBC’s rates stack up against other banks.

What are the current mortgage rates at BMO?

As of April 1, 2026, BMO is offering 4.53% for a 5-year variable mortgage, 4.51% for a 5-year fixed mortgage, and 4.29% for a 3-year fixed mortgage. For real-time updates, consult the table above to compare BMO’s rates with other Big 5 banks and the best available market rate.

Why are broker mortgage rates often lower than bank rates?

Once you’ve compared mortgage rates across the Big 5 banks, the next step is understanding how those offers stack up against the rest of the market. In many cases, broker mortgage rates are lower than bank rates for a few key reasons:

• A bank can only offer its own mortgage rates, whereas brokers widen your options by comparing rates across multiple lenders, including banks, credit unions, trust companies and other non-bank lenders, which can improve your chances of finding a lower rate.
• Brokers may have access to volume-based pricing. Because they bring lenders a high volume of business, some brokers may be able to pass along discounted rates to borrowers.

That said, banks can still be competitive. If you bring a lower market rate to your bank, it may be willing to match it or improve its offer. Rather than treating banks and brokers as opposing options, the better approach is to compare both side by side and choose the mortgage that best fits your needs.

What is the difference between a posted rate and a discounted rate?

When comparing bank mortgage rates, it’s important to know that the rate advertised publicly is usually the bank’s posted rate. This is the standard rate a lender promotes, but it is not always the rate every borrower will receive. In many cases, banks may offer a lower, discounted rate to qualified borrowers, especially when they are trying to win or retain your business.

Here’s what to keep in mind when comparing posted and discounted rates:

• Posted rates are often just a starting point. The rate a bank advertises publicly may be higher than the rate it is actually willing to offer.
• Your borrower profile affects the rate you may qualify for. Factors like your credit score, income, down payment, mortgage type, and whether your mortgage is insured or uninsured can all influence pricing.
• Negotiation can make a difference. If you bring a competing offer from another lender, your bank may be willing to match it or improve its pricing.
• Mortgage brokers can help you compare offers. Because brokers shop rates across multiple lenders, they can help show whether your bank’s offer is truly competitive.
• The lowest rate is not the only thing that matters. A discounted mortgage should still be compared based on penalties, prepayment privileges, portability, and overall flexibility.

How does the Bank of Canada rate affect my mortgage rate?

On March 18, 2026, the Bank of Canada held its overnight rate at 2.25% for the third time in a row, keeping lenders’ prime rates unchanged. That means variable mortgage rates remain stable for now, with the best available 5-year variable rates still at 3.35%.

Fixed mortgage rates are not directly set by the Bank of Canada. Instead, they are influenced by bond yields, which have been rising as markets rethink the pace of future rate cuts. That has already pushed fixed-rate pricing higher, with the best insured 5-year fixed rate now at 4.09% — above its February level of 3.79%.

How to compare mortgage options from different banks

When comparing mortgage options from banks, it’s easy to focus only on the interest rate. But the best mortgage offer is not always the one with the lowest headline rate. To make a fair comparison, you’ll also want to look at the type of rate, whether the mortgage is insured or uninsured, the features included, and how much flexibility you’ll have if your plans change.

• Fixed and variable options: One of the first things to compare is whether the mortgage is fixed or variable. A fixed-rate mortgage offers more payment stability, while a variable-rate mortgage can start out lower but may change over time if lenders adjust their prime rates. The better option depends on your budget, risk tolerance, and how comfortable you are with payment changes.
• Insured vs. uninsured mortgages: It’s also important to know whether you’re comparing an insured or uninsured mortgage. Insured mortgages, which usually apply when the down payment is less than 20%, often come with lower rates because they carry less risk for the lender. Uninsured mortgages may have slightly higher rates, so make sure you’re comparing similar mortgage types when looking at offers.
• Mortgage features beyond rate: The rate matters, but it is only one part of the deal. It’s also worth comparing features like portability, payment flexibility, refinance options, and whether the mortgage comes with cashback. In some cases, a mortgage with a slightly higher rate may still be the better choice if it offers perks or terms that better fit your needs.
• Penalties and prepayment privileges: Before choosing a mortgage, make sure you understand what it could cost to make changes later. Prepayment privileges determine how much extra you can pay down each year without penalty, while mortgage penalties can apply if you break your term early, refinance, or switch lenders. These costs can make a big difference, especially if you expect your plans to change before your mortgage term ends.

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 10-year term, we can help. Our tools find the best mortgage rates for every category and type of lender, personalized to you. Our goal at Ratehub.ca is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly and providing them with the best online application and offline customer service to close their mortgage all in one place.