# Is This a Good Rate?: is this a good mortgage rate? (isthisagoodrate.ca)

> Free Canadian second opinion on a mortgage offer or renewal letter, from the MITEY network. Grades a mortgage, renewal or HELOC rate A+ to F against the lowest rate published today for the same term, rate type, insurance class and province, shows what borrowers typically paid (Bank of Canada) beside it, and turns the gap into dollars. Educational, not advice; not a lender or brokerage.

## Key figures (best-today data collected 2026-11-01; Bank of Canada data refreshed 2026-11-01)
- Lowest published insured 5-year fixed mortgage rate in Ontario: 4.34% (Lowest of 29 insured 5-year fixed rates listed for Ontario on WOWA.ca (listings updated to October 30, 2026).)
- Lowest published uninsured 5-year fixed rate in Ontario: 4.34%
- Lowest published insured 5-year variable rate in Ontario: 3.45%
- Big-bank prime rate: 4.70% (since 2026-10-28)
- Cross-check: Ratehub.ca gave the best high-ratio 5-year fixed as 4.44% on October 31, 2026.
- Since November 21, 2024, OSFI does not expect the minimum qualifying rate (stress test) for an uninsured straight switch between federally regulated lenders at renewal; from December 16, 2024, federal mortgage insurance rules dropped it for low-ratio switches.

Grading: gap = your rate minus the lowest published rate for the same cell. A+ at or below; A within 0.10 points; B within 0.25; C within 0.50; D within 0.85; F beyond. Mark out of 100: A+ 95–100, A 90–94, B 80–89, C 65–79, D 50–64, F under 50. Full method: https://isthisagoodrate.ca/methodology

## Tools
- [Grade a mortgage rate](https://isthisagoodrate.ca/): the grader, with presets for first-time buyers, renewals, refinances, variable and HELOC
- [Renewal letter reader](https://isthisagoodrate.ca/renewal-letter): paste a renewal letter; every option graded, stay-or-switch, counter-offer email
- [Compare two offers](https://isthisagoodrate.ca/compare): rate, penalty method, prepayment, portability and the chance you break it
- [What borrowers paid the month you signed](https://isthisagoodrate.ca/history): Bank of Canada rates for any month since 2015
- [Best mortgage rates today](https://isthisagoodrate.ca/benchmarks): lowest published rates by province, term and insurance class

## Rate checkers
- [Is this a good fixed mortgage rate?](https://isthisagoodrate.ca/check/fixed-mortgage-rate)
- [Is this a good variable mortgage rate?](https://isthisagoodrate.ca/check/variable-mortgage-rate)
- [Is this a good mortgage renewal rate?](https://isthisagoodrate.ca/check/mortgage-renewal-rate)
- [Is this a good HELOC rate?](https://isthisagoodrate.ca/check/heloc-rate)
- [Other rates: car loan, personal loan, line of credit, card, savings, GIC](https://isthisagoodrate.ca/check/other-rates): compared with Bank of Canada figures, not graded

## Calculators
- [Rate difference calculator](https://isthisagoodrate.ca/calculators/rate-difference): See what 0.25, 0.50 or 1.00 points costs over a mortgage term or a loan.
- [Mortgage payment calculator](https://isthisagoodrate.ca/calculators/mortgage-payment): Monthly payment, interest over the term and the balance left at renewal.
- [Renewal switch calculator](https://isthisagoodrate.ca/calculators/renewal-switch): Does a lower rate elsewhere beat your renewal offer once switching costs are counted?
- [Prepayment penalty estimator](https://isthisagoodrate.ca/calculators/prepayment-penalty): Three months' interest versus a simplified interest rate differential.
- [APR with fees calculator](https://isthisagoodrate.ca/calculators/apr-with-fees): Turn a quoted rate plus up-front fees into the annual percentage rate you really pay.
- [Blend-and-extend calculator](https://isthisagoodrate.ca/calculators/blend-and-extend): Estimate a blended mortgage rate when your lender combines your old and new rates.
- [HELOC interest calculator](https://isthisagoodrate.ca/calculators/heloc-interest): Monthly interest-only cost of a HELOC balance and what a prime change does to it.

## Guides: Mortgage rates
- [What is a good mortgage rate in Canada?](https://isthisagoodrate.ca/guides/what-is-a-good-mortgage-rate-canada): A good mortgage rate is one at or below what lenders actually charged on similar new mortgages. Here's how to find that yardstick and what each 0.25 point costs.
- [Posted vs discounted mortgage rates: what's the difference?](https://isthisagoodrate.ca/guides/posted-vs-discounted-mortgage-rates): Posted mortgage rates are list prices, and many offers come in below them. How the two differ, what the gap costs, and why posted rates still affect penalties.
- [Fixed vs variable: how to compare two mortgage offers fairly](https://isthisagoodrate.ca/guides/fixed-vs-variable-how-to-compare-offers): Fixed and variable mortgage offers follow different benchmarks and compound differently. How to compare them fairly, in dollars, before you choose one.
- [Insured vs uninsured mortgage rates: why one lender quotes two prices](https://isthisagoodrate.ca/guides/insured-vs-uninsured-mortgage-rates): Insured and uninsured mortgages are priced differently, and the grader marks them against separate benchmarks. Why that is, and what the gap means in dollars.
- [How bond yields move fixed mortgage rates in Canada](https://isthisagoodrate.ca/guides/how-bond-yields-move-fixed-mortgage-rates): Fixed mortgage rates tend to follow Government of Canada bond yields, not just the policy rate. How the link works, where it breaks and what it means for you.
- [Mortgage term length: how the term you pick shapes your rate](https://isthisagoodrate.ca/guides/mortgage-term-length-and-rate): Your mortgage term sets how long the rate is locked and when you renew. How term length affects the rate, the benchmark it's judged against and your options.
- [Rate holds and pre-approvals: what they protect, and what they don't](https://isthisagoodrate.ca/guides/rate-holds-and-pre-approvals): A rate hold can shield you if rates rise before closing, and a pre-approval sets a budget. What each one covers, what to get in writing and what to recheck.
- [Mortgage features that can be worth more than a lower rate](https://isthisagoodrate.ca/guides/mortgage-features-worth-more-than-rate): Penalty method, prepayment privileges, portability and charge type can outweigh a small rate gap. A checklist for comparing Canadian mortgage offers in dollars.
- [Mortgage prepayment penalties: three months' interest vs the IRD](https://isthisagoodrate.ca/guides/prepayment-penalties-explained): Breaking a closed mortgage early usually costs the higher of three months' interest or an interest rate differential. How each works, with FCAC's own example.
- [Blend and extend: how a blended mortgage rate is worked out](https://isthisagoodrate.ca/guides/blend-and-extend-explained): A blend and extend combines your current mortgage rate with a new one over a longer term. How a blended rate is estimated and how to judge it against breaking.
- [How mortgage compounding works in Canada](https://isthisagoodrate.ca/guides/canadian-mortgage-compounding): Canadian fixed mortgage rates compound semi-annually; variable rates often compound monthly. See what that does to your payment and how to compare offers.
- [How variable-rate mortgage payments work](https://isthisagoodrate.ca/guides/how-variable-rate-payments-work): A variable mortgage rate moves with your lender's prime rate. Follow one illustrative payment from month one through a rate change, and see what to ask first.

## Guides: Renewals and switching
- [Mortgage renewal checklist](https://isthisagoodrate.ca/guides/mortgage-renewal-checklist): A step-by-step mortgage renewal checklist: what to gather, how to read the renewal statement, how to grade the offer and how to count the cost of switching.
- [Your mortgage renewal timeline, from 120 days out to signing](https://isthisagoodrate.ca/guides/renewal-timeline-120-days): A working plan for the four months before your mortgage term ends: gathering documents, asking for quotes, comparing offers and the 21-day renewal statement.
- [Switching lenders at renewal: is the lower rate worth it?](https://isthisagoodrate.ca/guides/switching-lenders-at-renewal): Staying with your lender versus switching at renewal: the costs FCAC lists, how to work out the break-even point, and the questions to ask a new lender.
- [How to read your mortgage renewal letter](https://isthisagoodrate.ca/guides/renewal-letter-how-to-read-it): What your mortgage renewal statement must include, what each line means, what happens if you don't reply, and how to check whether the offered rate is fair.
- [Renewing when rates are higher than your current rate](https://isthisagoodrate.ca/guides/renewing-when-rates-are-higher): If your renewal rate is above what you pay now, see what the higher payment is made of and the levers to look at: rate, term, amortization and prepayments.

## Guides: HELOCs and home equity
- [What is a good HELOC rate in Canada?](https://isthisagoodrate.ca/guides/what-is-a-good-heloc-rate): A HELOC rate is prime plus a margin. Compare it with the lowest HELOC rates lenders publish today, and see what each half point costs you a year.
- [HELOC vs refinancing your mortgage](https://isthisagoodrate.ca/guides/heloc-vs-refinance): A HELOC and a mortgage refinance both tap home equity, but they differ on rate, repayment, flexibility and cost to set up. A side-by-side with worked numbers.

## Guides: Rate basics
- [How the Bank of Canada's rate reaches your mortgage, loans and savings](https://isthisagoodrate.ca/guides/how-the-bank-of-canada-rate-affects-you): Follow a Bank of Canada policy rate change through prime, variable mortgages, HELOCs, savings and GICs, and see what a quarter point means for a household.
- [The prime rate, explained](https://isthisagoodrate.ca/guides/prime-rate-explained): What the prime rate is, who sets it, which Canadian loans are priced off it, and why the spread you negotiate above or below prime is the part you control.

## Negotiation scripts
- [Mortgage renewal negotiation script](https://isthisagoodrate.ca/negotiate/mortgage-renewal-script)
- [Script for negotiating a new mortgage rate](https://isthisagoodrate.ca/negotiate/new-mortgage-script)
- [Script for negotiating a HELOC rate](https://isthisagoodrate.ca/negotiate/heloc-script)

## Reference
- [Methodology](https://isthisagoodrate.ca/methodology), [Sources](https://isthisagoodrate.ca/sources), [FAQ & glossary](https://isthisagoodrate.ca/faq), [Renewal hub](https://isthisagoodrate.ca/renewal), [About](https://isthisagoodrate.ca/about), [Contact](https://isthisagoodrate.ca/contact)

Contact: hello@mitey.ca