What is considered a good mortgage rate in Canada right now?

A good rate is one that's at or below the best advertised insured rate for your term. As of today, top 5-year fixed insured rates sit in the low 4% range. Anything within 0.15% of that is competitive; anything 0.30%+ above is overpaying.

How accurate is this Rate Score?

The Rate Score compares your rate against current Canadian best-available rates by mortgage type and term. It's a fast, directional check — for a final binding quote, you'll need a licensed broker to verify your file.

When should I shop for a better mortgage rate?

Within 120 days of your renewal, before signing any commitment letter, or any time you're refinancing. Even 0.20% off can save thousands over the term.

Should I choose a fixed or variable rate?

Fixed rates give you payment predictability — your rate doesn't change for the entire term. Variable rates fluctuate with the lender's prime rate; historically, they've cost less over time but introduce monthly payment risk. If you'd lose sleep over a rate hike, choose fixed. If you can absorb 1–2% in payment swings, variable often wins.

What happens at renewal?

Roughly 4–6 months before your term ends, your lender sends a renewal offer. Most Canadians sign it without negotiating — and overpay by 0.30–0.80%. You're under zero obligation to renew with your existing lender. Shop the market 120 days out; switching is usually free if your mortgage is portable.

Does checking my rate affect my credit score?

No. This tool is informational and doesn't pull your credit. A broker quote is also a soft inquiry until you formally apply.

Is this service free?

Yes — completely free. Mortgage brokers in Canada are paid by the lender, not by you.

Is This a Good Mortgage Rate? | Canada Rate Checker

Is your mortgage rate actually good?

Compare your rate against real Canadian market data in 30 seconds. Find out if you're getting a deal — or quietly overpaying tens of thousands.

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What is a good mortgage rate in Canada?

A good Canadian mortgage rate is one within ~0.15% of the lowest advertised insured rate for your term. Top brokers typically beat the big banks' posted rates by 0.50–1.25%, so "good" isn't what your bank shows you — it's what's actually available in the market today.

How do you know if your rate is competitive?

Compare your rate against the current best-available rate for the same term and product type (purchase, renewal, refinance). Insured purchases get the best pricing; refinances and rentals are priced higher. Our Rate Score does this comparison instantly using current Canadian market data and adjusts for your amortization, loan-to-value, and province.

When should you shop for a better rate?

Always shop within 120 days of renewal, before signing any commitment letter, and any time you're refinancing. A 0.25% improvement on a $500,000 mortgage saves roughly $6,250 over a 5-year term. It's almost always worth a 30-second check.

Is your mortgage rate actually good?

Where rates are headed

What is a good mortgage rate in Canada?

How do you know if your rate is competitive?

When should you shop for a better rate?

Frequently asked questions