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Policy rate 2.50% since Oct 29, 2026Prime 4.70% lenders' pages Nov 2, 20265-yr GoC bond 3.58% Oct 29, 20265-yr posted (big banks) 6.19% wk of Oct 28, 2026Next BoC decision Dec 9, 2026 38 days tracker
MortgageRateToday.caCanadian rates · sourced · datedAsk Mitey
Bank of Canada series

Canadian mortgage rate history since 2015

Short answer

The average rate on new insured 5-year fixed mortgages was 4.12% in Aug 2026, against a big-bank posted 5-year rate of 6.19% and a 5-year bond yield of 3.58%. Charts and a month-by-month lookup from Bank of Canada data back to 2015.

Content checked How we collect and date rates
5-year fixed: posted vs what borrowers paid vs the bond yieldMonthly Bank of Canada series: big-bank posted 5-year rate, average effective rate on new insured and uninsured 5-year-plus fixed mortgages, and the 5-year Government of Canada bond yield.0.00%2.50%5.00%7.50%10.00%Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023Jan 2024Jan 2025Jan 2026Oct 2026
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5-year fixed: posted vs what borrowers paid vs the bond yield
Big-bank posted 5-yearNew insured 5-yr+ fixed (avg)New uninsured 5-yr+ fixed (avg)5-year GoC bond yield
Jan 20195.34%3.69%3.77%1.78%
Apr 20195.34%3.36%3.40%1.54%
Jul 20195.19%2.94%2.96%1.46%
Oct 20195.19%2.80%2.85%1.42%
Jan 20205.19%2.91%2.97%1.29%
Apr 20205.04%2.65%2.71%0.38%
Jul 20204.94%2.36%2.46%0.31%
Oct 20204.79%1.99%2.05%0.40%
Jan 20214.79%1.92%1.96%0.43%
Apr 20214.79%1.95%2.03%0.93%
Jul 20214.79%2.17%2.28%0.81%
Oct 20214.79%2.12%2.22%1.50%
Jan 20224.79%2.52%2.61%1.64%
Apr 20224.99%3.14%3.26%2.75%
Jul 20226.14%3.97%4.05%2.66%
Oct 20226.49%4.85%5.01%3.43%
Jan 20236.49%5.02%5.20%3.04%
Apr 20236.49%4.89%5.08%2.97%
Jul 20236.49%5.02%5.31%3.90%
Oct 20237.04%5.54%5.79%4.12%
Jan 20246.89%5.27%5.67%3.43%
Apr 20246.84%4.92%5.30%3.87%
Jul 20246.79%4.82%5.15%3.09%
Oct 20246.49%4.39%4.82%3.02%
Jan 20256.49%4.29%4.59%2.74%
Apr 20256.49%3.98%4.30%2.67%
Jul 20256.09%3.95%4.27%3.01%
Oct 20256.09%3.97%4.40%2.70%
Jan 20266.09%3.94%4.33%2.93%
Apr 20266.09%3.95%4.17%3.20%
Jul 20266.09%4.05%4.49%3.27%
Oct 20266.19%0.00%0.00%3.58%
Variable: what borrowers paid vs prime and the policy rateAverage effective rate on new insured and uninsured variable mortgages, typical prime and the policy rate.0.00%2.50%5.00%7.50%10.00%Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023Jan 2024Jan 2025Jan 2026Jul 2026
Show the numbers
Variable: what borrowers paid vs prime and the policy rate
New insured variable (avg)New uninsured variable (avg)Prime (typical)Policy rate
Jan 20193.52%3.48%3.95%1.75%
Apr 20193.81%3.63%3.95%1.75%
Jul 20194.08%3.72%3.95%1.75%
Oct 20194.17%3.80%3.95%1.75%
Jan 20203.90%3.65%3.95%1.75%
Apr 20202.31%2.14%2.45%0.25%
Jul 20202.34%2.24%2.45%0.25%
Oct 20202.10%1.99%2.45%0.25%
Jan 20211.85%1.77%2.45%0.25%
Apr 20211.57%1.55%2.45%0.25%
Jul 20211.53%1.52%2.45%0.25%
Oct 20211.46%1.45%2.45%0.25%
Jan 20221.47%1.50%2.45%0.25%
Apr 20222.31%2.37%3.20%1.00%
Jul 20224.00%4.13%4.70%2.50%
Oct 20225.43%5.53%5.45%3.75%
Jan 20236.30%6.44%6.45%4.50%
Apr 20236.65%6.71%6.70%4.50%
Jul 20237.68%7.25%7.20%5.00%
Oct 20237.03%7.07%7.20%5.00%
Jan 20246.82%6.92%7.20%5.00%
Apr 20246.97%6.84%7.20%5.00%
Jul 20246.41%6.29%6.70%4.50%
Oct 20245.37%5.44%5.95%3.75%
Jan 20254.60%4.64%5.45%3.00%
Apr 20254.36%4.42%4.95%2.75%
Jul 20254.44%4.54%4.95%2.75%
Oct 20253.85%3.97%4.70%2.25%
Jan 20263.80%3.86%4.45%2.25%
Apr 20263.79%3.88%4.45%2.25%
Jul 20263.75%3.86%4.45%2.25%
The spread: average insured 5-year fixed minus the 5-year bond yieldHow much above the bond yield lenders priced new insured 5-year fixed mortgages, in percentage points.0.00 pts0.63 pts1.25 pts1.88 pts2.50 ptsJan 2019Jan 2020Jan 2021Jan 2022Jan 2023Jan 2024Jan 2025Jan 2026Jul 2026
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The spread: average insured 5-year fixed minus the 5-year bond yield
Spread over 5-yr GoC
Jan 20191.91 pts
Apr 20191.82 pts
Jul 20191.48 pts
Oct 20191.38 pts
Jan 20201.62 pts
Apr 20202.27 pts
Jul 20202.05 pts
Oct 20201.59 pts
Jan 20211.49 pts
Apr 20211.02 pts
Jul 20211.36 pts
Oct 20210.62 pts
Jan 20220.88 pts
Apr 20220.39 pts
Jul 20221.31 pts
Oct 20221.42 pts
Jan 20231.98 pts
Apr 20231.92 pts
Jul 20231.12 pts
Oct 20231.42 pts
Jan 20241.84 pts
Apr 20241.05 pts
Jul 20241.73 pts
Oct 20241.37 pts
Jan 20251.55 pts
Apr 20251.31 pts
Jul 20250.94 pts
Oct 20251.27 pts
Jan 20261.01 pts
Apr 20260.75 pts
Jul 20260.78 pts

What did borrowers pay the month you signed?

Bank of Canada rates for Sep 2021
SeriesSep 2021LatestChange
Big-bank posted 5-year4.79%6.19% Oct 28, 2026+1.40
New insured 5-yr+ fixed (avg)2.18%4.12% Aug 2026+1.94
New uninsured 5-yr+ fixed (avg)2.33%4.58% Aug 2026+2.25
New insured variable (avg)1.48%3.74% Aug 2026+2.26
New uninsured variable (avg)1.47%3.90% Aug 2026+2.43
5-year GoC bond yield1.11%3.58% Oct 29, 2026+2.47
Prime (typical)2.45%4.70% Oct 29, 2026+2.25
Policy rate0.25%2.50% Oct 29, 2026+2.25

On a $400,000 mortgage over 25 years, the average insured 5-year rate in Sep 2021 (2.18%) meant $1,728.75 a month; at the latest average (4.12%) it's $2,130.18, $401 more. Renewing soon? Check your renewal offer.

Effective rates on new lending are monthly and published about six weeks after the month ends; posted rates and prime are weekly; bond yields daily (monthly averages in charts). Source: Bank of Canada, Banking and financial statistics: effective interest rates on new lending. Checked .
Signed in September 2021, renewing at today's average
Signed in September 2021, renewing at today's average: inputs, steps and result
Average insured 5-yr+ rate, Sep 20212.18%Bank of Canada
Latest average4.12%Aug 2026
Mortgage$400,000, 25 years
Monthly payment then$1,728.75
Monthly payment at today's average$2,130.18
Difference$401.43 a monthsame balance and amortization, for illustration

Open this example in the calculator →

Mitey the yeti reading in a small book
Mitey flips back to the month you signed: what borrowers paid then is the yardstick for your renewal letter now.

Frequently asked questions

What were mortgage rates in 2021?

The Bank of Canada's average rate on new insured 5-year-plus fixed mortgages bottomed at 1.91% in 2021. The typical big-bank posted 5-year rate stayed far higher, which is why posted rates mislead.

Why do fixed rates follow bond yields?

Lenders fund fixed-rate mortgages for a term with money that costs about what a Government of Canada bond of similar length yields, plus a spread for risk and profit. When the 5-year yield rises, new 5-year fixed rates usually follow within days or weeks.

What rate did people get the month I signed?

Pick the month in the lookup on this page: it shows the Bank of Canada's average rate on new mortgages that month (insured and uninsured, fixed and variable), the posted rate and the bond yield.

Primary sources

  1. Bank of Canada — Posted conventional mortgage rate, 5-year (series V80691335) (effective October 28, 2026). Checked .
  2. Bank of Canada — Effective rate on new insured fixed mortgages, 5 years and over (series V122667780) (effective August 1, 2026). Checked .
  3. Bank of Canada — Effective rate on new uninsured fixed mortgages, 5 years and over (series V122667786) (effective August 1, 2026). Checked .
  4. Bank of Canada — Effective rate on new insured variable-rate mortgages (series V122667776) (effective August 1, 2026). Checked .
  5. Bank of Canada — Government of Canada benchmark bond yield, 5-year (series BD.CDN.5YR.DQ.YLD) (effective October 29, 2026). Checked .
  6. Bank of Canada — Prime rate (chartered banks, typical): derived from the Oct 29 policy decision (policy 2.50% + 2.20); Bank of Canada weekly series pending (last observation 4.45% on 2026-10-28, series V80691311) (effective October 29, 2026). Checked .
  7. Bank of Canada — Bank of Canada target for the overnight rate (policy rate) (series V39079) (effective October 29, 2026). Checked .
Bank of Canada trackerEvery decision and the next dates.Open →Why fixed rates moveBond yields, explained with this data.Open →Is this a good rate?Paste an offer or renewal rate and see how it scores against benchmarks.isthisagoodrate.ca →How much house can I afford?GDS/TDS limits, the stress test and closing costs for your income.www.mortgageaffordabilitycalculator.ca →