Is this a good rate?Second opinion · Canada

Second opinion · data checked 2026-11-01

Is this a good fixed mortgage rate?

In Ontario today the lowest published insured 5-year fixed rate is 4.34%, and the median listing is 4.69%. A rate within 0.10 points of the lowest grades A.

Grade a fixed rate

Free · no sign-up

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

4.59% · insured 5-year fixed · $500,000 · 25-yr amortization

Graded Nov 1, 2026

B80/100

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

4.59% is 0.25 points above the lowest rate listed today (4.34%). On $500,000 that is about $5,985 more interest over the 5-year term.

vs best today+$5,985interest over the 5-year term
vs big-bank median−$9,599negative = you pay less
vs typical+$5,267negative = you pay less
Monthly payment$2,792$2,723 at the best rate
  1. A+≤ 4.34%
  2. Ato 4.44%
  3. Bto 4.59%
  4. Cto 4.84%
  5. Dto 5.19%
  6. Fover 5.19%

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 rate4.59%What you entered.
Best today4.34%Lowest of 29 insured 5-year fixed rates listed for Ontario on WOWA.ca (listings updated to October 30, 2026). Third-lowest 4.44%, median 4.69%. Source
Big-bank advertised4.69%+4.69% (National Bank) to 5.39% (TD), as listed for the same cell. Advertised special 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 · Good, with one fix

A good paper. One polite ask could close the last 0.25 points, worth about $5,985.

What to ask for

Hi, I've been offered 4.59% on a 5-year fixed mortgage of $500,000. The lowest published insured rate for the same term in Ontario is 4.34% today (wowa.ca, Oct 30, 2026). Big banks advertise from 4.69% for the same term. I'd like to stay with you. Can you offer 4.44% or better? Please also send me the prepayment privileges and how the prepayment penalty is calculated, in writing.

Full negotiation script
  • The lowest listed 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 rates published for the same cell; you may not qualify for them. Confirm every rate and term in writing.

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How this rate is graded

Two yardsticks, one grade

A fixed rate is good when it is close to the lowest rate lenders publish for the same term, the same insurance class and your province. That is the yardstick the grade uses, because it is the rate you could actually ask another lender for this week.

The second yardstick is what borrowers typically paid: the Bank of Canada's effective rate on new fixed mortgages at chartered banks. It lags by two to three months, so the site moves it by the change in the matching Government of Canada bond yield since then and labels the result an estimate.

Insurance class matters more than most people expect. Insured mortgages (under 20% down) usually get the lowest rates, because the lender's risk is covered by CMHC, Sagen or Canada Guaranty. Refinances can never be insured, so they are always compared with uninsured rates.

1Bond yields
Fixed rates follow Government of Canada yields of a similar term, usually within days or weeks.
2Insurance class
Insured, insurable and uninsured mortgages are priced differently. Compare like with like.
3Term
Three- and five-year terms are the most competitive; seven- and ten-year terms cost more.
4Rate hold and closing date
The lowest rates often need a quick close; a 120-day hold usually costs a little more.
5Penalty method
Big banks often calculate penalties with posted rates, which can make breaking far more expensive.

Today's rate sheet

Lowest published 5-year fixed rates by province

The lowest rate listed for each cell on WOWA.ca, a Canadian rate-comparison site, with listings updated to 2026-11-01. Lenders' own pages are spot-checked on the best rates page.

5-year fixed: lowest listed rate by province and insurance class
ProvinceInsuredInsurableUninsuredBig banks from
Alberta4.34%4.59%4.59%4.69%
British Columbia4.34%4.44%4.44%4.69%
Manitoba4.29%4.35%4.35%4.69%
New Brunswick4.44%4.44%4.44%4.69%
Newfoundland and Labrador4.44%4.44%4.44%4.69%
Nova Scotia4.44%4.44%4.44%4.69%
Northwest Territories4.24%national4.24%national4.35%national—
Nunavut4.24%national4.24%national4.35%national—
Ontario4.34%4.34%4.34%4.69%
Prince Edward Island4.44%4.44%4.44%—
Quebec4.49%4.59%4.59%4.69%
Saskatchewan4.24%4.24%4.94%4.69%
Yukon4.24%national4.24%national4.35%national—

Negotiation script

Script for negotiating a new mortgage rate

What to gather, what to say and what to do if they say no.

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Rate difference calculator

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Mortgage payment calculator

Monthly payment, interest over the term and the balance left at renewal.

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Prepayment penalty estimator

Three months' interest versus a simplified interest rate differential.

Guides for this rate

Questions people ask

What counts as a good fixed mortgage rate in Canada today?

One within about 0.10 points of the lowest rate published for the same term, insurance class and province. The grade on this page shows that figure with its source and date, and grades your rate A+ to F by the gap.

Why is my rate graded against the lowest published rate rather than an average?

Because the lowest published rate is what you could ask another lender for. An average tells you what other people paid months ago; we show it too, as the 'typical' line, but it does not set the grade.

Can I really get the lowest published rate?

Not always. Low advertised rates can require a quick closing date, 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, not just the rate.

Does the province change the grade?

Yes. Lenders don't price every province the same, so the grade uses the lowest rate listed for your province where one exists, and says when it has to fall back to a national figure.

Sources