Methodology · data checked 2026-11-01
How a mortgage rate is graded
A rate is graded by its gap to the lowest rate published today for the same term, rate type, insurance class and province. What borrowers typically paid, from the Bank of Canada, is shown beside it for context. Every figure carries its date and source.
1. Best today
A script reads the mortgage rates lenders and brokerages list on WOWA.ca, page by page for nine provinces, plus its national table and its HELOC listings. For every province, term (1 to 10 years), rate type and insurance class (insured, insurable, uninsurable, rental) it keeps the lowest listing, the third-lowest, the median, the number of listings and the six big banks' advertised rates, and the date the newest listing was updated. Listings not updated in the last 21 days are dropped. Individual brokers or agents are never named.
Where a province has no listing for a cell, the province's lowest-rate table is used; failing that, the national table, labelled "national" because that lender may not lend in your province. Prince Edward Island and the territories use the national table. The same day, the script reads lenders' own rate pages (nesto, Butler Mortgage, True North Mortgage, Tangerine) and Ratehub.ca's dated best-rate statement as cross-checks.
2. Typical
The Bank of Canada's monthly effective interest rates on new residential mortgages at chartered banks, insured or uninsured, fixed by term bucket (under 3 years, 3 to under 5, 5 and over) or variable. For HELOCs, the effective rate on new secured personal lines of credit. These arrive two to three months late, so fixed figures are moved by the change in the matching Government of Canada bond yield since that month, and variable and HELOC figures by any policy-rate change; the result is labelled an estimate.
3. The grade
The gap is your rate minus the lowest published rate, in percentage points, rounded to two decimals.
| Grade | Gap to best today | Mark out of 100 |
|---|---|---|
| A+ | At or below the best published rate | 95–100 |
| A | Within 0.10 points of the best | 90–94 |
| B | 0.11 to 0.25 points above the best | 80–89 |
| C | 0.26 to 0.50 points above the best | 65–79 |
| D | 0.51 to 0.85 points above the best | 50–64 |
| F | More than 0.85 points above the best | 0–49 |
The mark falls in a straight line within each band, so two rates with the same letter can differ by a few marks. If no best-today figure exists, the grade falls back to the gap to the typical rate: A 0.40 points or more below typical; B 0.15 to 0.39 points below typical; C within about 0.10 points of typical; D 0.11 to 0.40 points above typical; F more than 0.40 points above typical. The report card says when it does.
Worked example
An insured 5-year fixed in Ontario
$500,000, 25-year amortization, graded today.
| Rate | Grade | Gap to best | Extra interest over 5 years |
|---|---|---|---|
| 4.34% | A+ | +0.00 | $0 |
| 4.44% | A | +0.10 | $2,392 |
| 4.69% | C | +0.35 | $8,382 |
| 5.14% | D | +0.80 | $19,190 |
4. The dollar figures
Extra interest is the interest paid over the term at your rate minus the interest at the yardstick, for the same balance and amortization. Fixed rates compound semi-annually, as Canadian fixed mortgages quote them under the Interest Act; variable rates compound monthly. For a HELOC it is one year's interest on the balance. The comparator adds penalties: the higher of three months' interest or the interest rate differential for closed fixed mortgages, following FCAC's description, with the posted-rate method using Bank of Canada posted rates.
5. Freshness
Best-today figures carry a warning on every report card when they are more than 7 days old. Bank of Canada figures are marked stale after 120 days (monthly), 14 days (weekly) or 7 days (daily).
6. Limits
- The lowest listed rate can need a quick close, a short hold, a strong credit file or a stricter penalty.
- Listings are what lenders and brokers choose to publish; some lenders publish nothing.
- Grades don't know your credit, income, property, fees or contract features.
- Nothing here is an offer, an approval or advice. Confirm every rate and term in writing.
Changes
November 1, 2026: the site moved from a 0–100 score against Bank of Canada averages to grades against the lowest published rate for the same mortgage, with the average kept as context. Non-mortgage products are no longer graded; they're compared with dated Bank of Canada figures on the other rates page.
Questions people ask
Why is the grade set by the best published rate and not the average?
The best published rate is a price you can ask for this week; the Bank of Canada average describes what borrowers paid two to three months ago. Both appear on the report card, but only the first is current enough to decide whether to sign.
Is the lowest listing an outlier?
Sometimes. That's why the report card also shows the third-lowest listing, the median and the number of listings, and why an A covers anything within 0.10 points of the lowest. If the lowest looks out of reach, compare with the third-lowest.
Does the grade include fees, penalties or features?
No. It grades the rate. Use the two-offer comparator to weigh penalties, prepayment and portability, and the APR calculator for fees.
Do you use my province or credit score?
Province, yes: best-today rates are taken for your province where listings exist. Credit score, no: there's no public list of rates by credit tier, so the site doesn't invent one.