Is this a good rate?Second opinion · Canada
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The second opinion on your mortgage offer · 19 lenders' rates read 2026-11-02

Is this a good mortgage rate?

Short answer

A good mortgage rate is within 0.10 points of the best rate lenders publish for the same term, insurance class and province. In Ontario the best insured 5-year fixed is 4.59% (Meridian Credit Union), big banks publish 4.69% to 5.39%, and borrowers typically paid about 4.37%.

Figures as of 2026-11-02.

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What is the rate for?

The annual rate on the offer, e.g. 4.39.

Type
Mortgage insurance

The grade updates as you type. Nothing you enter leaves this page.

Rate report card · Ontario

4.99% · insured 5-year fixed · $500,000 · 25-yr amortization

Graded Nov 1, 2026

C70/100

0.40 points above the best published insured 5-year fixed rate in Ontario

4.99% is 0.40 points above the best rate lenders publish (4.59%). On $500,000 that is about $9,599 more interest over the 5-year term.

vs best today+$9,599interest over the 5-year term
vs big-bank median$0negative = you pay less
vs typical+$14,866negative = you pay less
Monthly payment$2,905$2,792 at the best rate
  1. A+≤ 4.59%
  2. Ato 4.69%
  3. Bto 4.84%
  4. Cto 5.09%
  5. Dto 5.44%
  6. Fover 5.44%

Bands are measured from today's lowest published rate for the same term, type, insurance class and province.

Your rate compared with each yardstick
YardstickRateWhere it comes from
Your rate4.99%What you entered.
Best today4.59%Best published rate among 10 lenders checked for Ontario: Meridian Credit Union's own insured 5-year fixed rate, read on November 1, 2026. Third-lowest 4.69%, median 4.99%. Source
Big-bank advertised4.69%+4.69% (National Bank) to 5.39% (TD), as published on each bank's own site for the same mortgage. Special (advertised) rates, not posted rates.
Typical (estimated)4.37%Effective rate on new insured fixed mortgages, 5 years and over: 4.12% for August 2026 (Bank of Canada), moved +0.25 for market moves since. Estimate. Source
Big-bank posted6.19%Posted conventional mortgage rate, 5-year, October 28, 2026 (Bank of Canada). List price; many lenders use it to calculate penalties.

Mitey's margin note · Needs another look

Room to negotiate. Show the lender today's best published rate and ask them to match or explain the difference.

What to ask for

Hi, I've been offered 4.99% on a 5-year fixed mortgage of $500,000. The lowest published insured rate for the same term in Ontario is 4.59% today (meridiancu.ca, Nov 1, 2026). Big banks advertise from 4.69% for the same term. I'd like to stay with you. Can you offer 4.69% or better? Please also send me the prepayment privileges and how the prepayment penalty is calculated, in writing.

Full negotiation script
  • The best published rate can come with conditions: a short rate hold, a quick closing date, a limited-feature product or a stricter penalty. Compare the whole offer, not just the rate.
  • The 5-year Government of Canada yield moved up 0.25 points between August 2026 (3.33%) and October 29, 2026 (3.58%). Fixed mortgage rates tend to follow these yields, so the benchmark is moved by the same amount. This is an estimate.
Printable report cardCompare two offers

Educational estimate, not advice or an offer. Best-today figures are the lowest special rates lenders publish on their own sites for the same cell; you may not qualify for them. Confirm every rate and term in writing.

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More ways to check an offer

Four tools for the moment you sign or renew

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Compare two offers

Rate, penalty method, prepayment, portability and the chance you break it, in one expected cost.

What borrowers paid the month you signed

Pick any month since 2015 and see what new mortgages cost then, and what renewing costs now.

Best mortgage rates today

The best rate each lender publishes on its own site, by province, term and insurance class, with a CSV download.

How the grade works

Measured from the best rate you could ask for

Your grade is set by the gap between your rate and the best rate lenders publish on their own sites for the same term, rate type, insurance class and province. That is the number another lender is advertising this week, so it is the fairest test of whether to sign or ask again.

The typical rate, what borrowers actually paid on new mortgages according to the Bank of Canada, sits beside it on every report card. It is useful context, but it lags by months, so it doesn't set the grade.

Example: 5.14% on an insured 5-year fixed in Ontario is 0.55 points above the best published rate, grade D, about $13,206 more interest over five years on $500,000.

Grade bands
GradeGap to the best published rate
A+At or below the best published rate
AWithin 0.10 points of the best
B0.11 to 0.25 points above the best
C0.26 to 0.50 points above the best
D0.51 to 0.85 points above the best
FMore than 0.85 points above the best

Every formula and data source

Why the typical rate lags

Bond yields move first, averages follow

Fixed rates follow Government of Canada bond yields. The Bank of Canada's average of what borrowers paid arrives months later, which is why the grade uses rates published today.

1%2%3%4%5%6%7%Jan 22Nov 22Sep 23Jul 24May 25Mar 26Oct 26
Typical insured 5-yr+ fixedTypical uninsured 5-yr+ fixed5-year GoC bond yield
Show the data
MonthTypical insured 5-yr+ fixedTypical uninsured 5-yr+ fixed5-year GoC bond yield
Oct 26——3.58%
Sep 26——3.69%
Aug 264.12%4.58%3.33%
Jul 264.05%4.49%3.27%
Jun 264.01%4.35%3.01%
May 263.96%4.30%3.05%
Apr 263.95%4.17%3.20%
Mar 263.96%4.22%3.09%
Feb 263.89%4.31%2.67%
Jan 263.94%4.33%2.93%
Dec 253.97%4.31%2.96%
Nov 253.94%4.26%2.72%
Oct 253.97%4.40%2.70%
Sep 254.05%4.37%2.74%
Aug 253.99%4.31%2.88%
Jul 253.95%4.27%3.01%
Jun 253.92%4.25%2.83%
May 253.92%4.24%2.80%
Apr 253.98%4.30%2.67%
Mar 254.13%4.52%2.61%
Feb 254.25%4.61%2.60%
Jan 254.29%4.59%2.74%
Dec 244.21%4.61%2.96%
Nov 244.28%4.68%2.93%
Oct 244.39%4.82%3.02%
Sep 244.52%4.93%2.73%
Aug 244.73%5.11%3.03%
Jul 244.82%5.15%3.09%
Jun 244.86%5.21%3.51%
May 244.90%5.34%3.67%
Apr 244.92%5.30%3.87%
Mar 244.99%5.51%3.51%
Feb 245.07%5.57%3.57%
Jan 245.27%5.67%3.43%
Dec 235.52%5.96%3.17%
Nov 235.64%6.00%3.64%
Oct 235.54%5.79%4.12%
Sep 235.35%5.69%4.25%
Aug 235.20%5.46%3.89%
Jul 235.02%5.31%3.90%
Jun 234.83%5.12%3.68%
May 234.77%5.04%3.44%
Apr 234.89%5.08%2.97%
Mar 234.84%5.11%3.02%
Feb 234.88%5.09%3.52%
Jan 235.02%5.20%3.04%
Dec 225.06%5.22%3.41%
Nov 224.97%5.17%3.18%
Oct 224.85%5.01%3.43%
Sep 224.61%4.80%3.32%
Aug 224.35%4.44%3.34%
Jul 223.97%4.05%2.66%
Jun 223.56%3.70%3.10%
May 223.31%3.41%2.72%
Apr 223.14%3.26%2.75%
Mar 222.88%3.02%2.39%
Feb 222.71%2.81%1.64%
Jan 222.52%2.61%1.64%

Bank of Canada; latest yield 3.58% on October 29, 2026.

Questions

Before you sign

Questions people ask

What is a good mortgage rate in Canada right now?

One within about 0.10 points of the best rate lenders publish on their own sites for the same term, insurance class and province. The grader shows that rate, which lender publishes it and the date it was read, and grades your offer A+ to F by the gap.

Where do the 'best today' rates come from?

From lenders' own websites only: the big six banks, Tangerine, Simplii, Desjardins, nesto, First National and credit unions such as Meridian, Vancity, ATB and Servus. Each rate was read off the lender's page with the date it was read. Every lender and rate is on the best rates page.

What does 'typical' mean on the report card?

What borrowers were actually charged on new mortgages at chartered banks, from the Bank of Canada. It is published two to three months late, so it is moved for bond-yield or policy-rate changes since then and labelled as an estimate.

Do I need to give my name or email?

No. Grading a rate is free and nothing you type leaves your browser. There is an optional form if you'd like a person from the MITEY network team to look at your offer; nothing is sent unless you fill it in.

Can I get the best published rate?

Maybe not. The best published rates can need a quick close, a short rate hold, a strong credit file or a stricter penalty. Use the number as a reason to ask, and compare the whole offer with the two-offer comparator.

Is this financial advice?

No. It's a dated, sourced second opinion on a rate. It doesn't know your credit, income or contract terms; confirm any offer in writing with the lender.

Mitey talks a mortgage offer through with an older yeti before anyone signs

Sources