Trusted mortgage services
Today's mortgage rates, shopped for you
See the rates we are seeing today, then let us compare over 50 lenders for the rate and terms that fit your situation.
- 5-yr fixed
- 4.89%
- 5-yr variable
- 3.70%
Updated Oct 25 · on approved credit · Compare to bank rates
How mortgage rates are set
Fixed mortgage rates tend to follow Government of Canada bond yields, so they can change from week to week even when the Bank of Canada holds its policy rate. Variable rates are set as a discount from or premium over each lender's prime rate, which moves when the Bank of Canada changes its policy rate.
The rate you are offered also depends on you and the property: whether the mortgage is insured, your down payment, the amortization, your credit, the property type, and whether it's a purchase, renewal or refinance. That's why the same borrower can get very different offers from different lenders, and why we compare them for you.
What affects your rate
Insured or not
Insured mortgages, with less than 20% down, often get lower rates because the lender is protected by mortgage insurance.
Term and type
Rates differ by term and between fixed and variable. Shorter isn't always cheaper; it depends on where rates are expected to go.
Rate holds
A rate hold, usually 90 to 120 days, locks in a rate while you shop for a home or wait for your renewal date.
How it works
How we find your rate
Tell us your situation
Purchase, renewal or refinance, your timeline and your priorities: the lowest rate, more flexibility or a smaller penalty if you need to break early.
We compare lenders
We check rates and terms across banks, credit unions and specialist lenders, including features that don't show up in the headline rate.
Lock in a rate hold
We lock in a rate hold for you, usually for 90 to 120 days, so you are protected if rates rise.
Final check before closing
If rates drop before you close, we look at whether a lower rate is available to you.
Frequently asked questions
You have questions — we have answers!
Mortgage Rates
Why is my rate different from the advertised rate?
Advertised rates usually assume an ideal file, such as an insured purchase with strong credit, a quick closing and a specific term. Your rate depends on your own situation and the property: your down payment, whether the mortgage is insured, your credit, the amortization, and whether it is a purchase, renewal or refinance. Some advertised rates also come with fewer prepayment privileges or bigger penalties, so we compare the whole package.
What is the difference between a posted rate and a discounted rate?
A posted rate is a lender's published rate, which most borrowers don't actually pay. Many lenders use posted rates to calculate the interest rate differential penalty on a fixed-rate mortgage, which is why breaking a heavily discounted mortgage can be expensive.
Can a broker get a better rate than my bank?
Sometimes, but nobody can promise it. Your bank can only offer its own products, while we compare over 50 lenders, including credit unions and lenders that only work through brokers, so you see competitive rates and terms side by side. Rate isn't the only thing that matters: prepayment privileges, penalties and portability count too. If your bank's offer is the better fit for you, we will tell you.
How long can I hold a rate?
Most lenders hold a rate for 90 to 120 days, depending on the lender and whether you are buying, renewing or switching. A rate hold protects you if rates rise while you shop or wait for your renewal date. If rates fall before your mortgage funds, we look at whether a lower rate is available to you. A hold isn't an approval, so the lender still has to approve your documents and the property.
Does my credit score affect my rate?
It can. For an insured mortgage, at least one borrower usually needs a score of 600 or more, and many lenders look for higher. A strong score gives you more lenders to choose from, while a lower score or past missed payments can rule some out and leave alternative lenders, which usually charge higher rates. If your credit needs work, we can show you what to fix before you apply.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 25.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 5.54% | 5.09% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.79% | Get this rate: 1 year fixed |
| 2 year fixed | 5.39% | 4.59% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.69% | Get this rate: 3 year fixed |
| 4 year fixed | 5.99% | 4.84% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.89% | Get this rate: 5 year fixed |
| 7 year fixed | 6.40% | 5.09% | Get this rate: 7 year fixed |
| 10 year fixed | 6.80% | 5.09% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca