Ontario Mortgage Rates

Ontario Mortgage Rates This Week

Real market ranges, updated weekly, across the three tiers of mortgage lending in Ontario. These are observations of the market, not quotes. Your rate depends on your file, and we explain exactly why below.

Updated July 16, 2026 · refreshed weekly

Broker-Channel Prime Lenders

The range we observe across the 10+ prime lenders we place files with, including monolines most Canadians have never heard of. Often, though not always, below the banks.

Term	This week’s range	Worth knowing
3-Year Fixed	4.09% – 4.59%	Insured files see the bottom of the range
5-Year Fixed	4.14% – 4.44%	Rate depends on insurance, LTV and file strength
5-Year Variable	3.55% – 3.99%	Best discounts reach prime − 0.90%; prime sits at 4.60%

Major Banks

Advertised special rates at Canada’s big banks. What you see walking into a branch, before any negotiation.

Term	This week’s range	Worth knowing
3-Year Fixed	4.04% – 4.74%	Posted specials; branch discretion varies
5-Year Fixed	4.24% – 4.89%	Most negotiated term in Canada
5-Year Variable	3.65% – 4.53%	Moves with the Bank of Canada

B-Lenders & Alternative

For self-employed income, bruised credit, and files the banks decline. Priced as a premium over the best prime rates.

What	Typical this week	Worth knowing
Rate premium	+0.75% – +1.15%	Over best prime rates, same term
Lender fee	~1%	Usual on B files; we disclose it before you commit
Typical terms	1 – 3 years	A bridge back to prime at renewal, not a life sentence

Private Lending

Equity-first lending for situations that need speed or flexibility: bridge periods, consolidation, credit events. Short terms with a planned exit.

What	Typical this week	Worth knowing
1st mortgages	4.99% – 8.99%	Advertised starting rates across 15 private lenders
2nd mortgages	7.99% – 10.99%	Typical starting rates; equity-based, short-term
Lender fee (1st)	0.99% – 2.99%	Observed range; a broker fee also applies on private files, disclosed up front
Lender fee (2nd)	1.76% – 3.49%	Typically higher than 1sts; small 2nds often hit minimum fee floors

Reverse Mortgages (55+)

For homeowners 55 and over unlocking home equity with no required monthly payments. Observed across Canada’s reverse-mortgage lenders. How reverse mortgages work.

Term	This week’s range	Worth knowing
5-Year Fixed	6.23% – 6.44%	Best available tiers; higher age/LTV tiers price above the range
3-Year Fixed	6.55% – 6.64%	Interest accrues; no monthly payment required
5-Year Variable	6.90% – 7.20%	Prime + 2.30% to prime + 2.60% today

Why we publish ranges instead of quoting one number

Any single advertised rate comes with fine print: it fits one specific type of file, on one specific day, at one specific lender. A range tells you the truth about the market. Where you land inside it depends on things a website cannot know: whether your mortgage is insured, your down payment, your income documentation, your credit history, and the property itself.

There is a second reason, and most brokerages will not say it out loud: lenders give different pricing to different brokerages based on volume, and some brokerages buy rates down further by giving up their own compensation. The lowest number you see advertised anywhere is real, but it is not necessarily available on your file, from that lender, through that channel. We would rather show you the honest landscape than a teaser.

Choosing between brokers in the first place? Read our honest guide to choosing a mortgage broker in the GTA.

Bring us any advertised rate

Seen a lower rate than these ranges? Bring it to us. Our guarantee is simple, and it comes with no asterisk: you will get a straight answer. We will tell you honestly whether we can beat it, match it, or whether you should take it, even when the best offer is not ours. Anyone who guarantees the lowest rate every time is selling an asterisk; what we guarantee is the truth. That is how a family brokerage stays in business for 37 years.

Rate questions, answered straight

Why is the lowest advertised rate never the one I get?

Advertised rates are built around the easiest possible file: insured, strong credit, salaried income, quick close. If your situation differs in any way, pricing adjusts. Volume discounts between lenders and brokerages create further differences. The range above is the honest picture of where real files land.

Is a lower rate always the better mortgage?

No. A rate 0.10% lower can cost you thousands more if it comes with a harsher prepayment penalty, a restrictive term, or a lender that cannot accommodate your situation at renewal. We price the whole mortgage: rate, penalties, flexibility and fit.

Where do these ranges come from?

From the market itself: publicly advertised bank rates, and the pricing we observe across more than 40 lenders we work with every day. We publish ranges rather than individual lenders’ rates, refreshed weekly with the date shown above.

What will my actual rate be?

That takes one short conversation. Tell us about your down payment, income and credit, and we will tell you where you land in these ranges and at which type of lender. The consultation is free and there is no obligation.

Find out where your file lands

Free consultation with a family brokerage serving Ontario since 1988. FSRA Brokerage Licence #10816. Rated 5.0 stars across 210+ Google reviews.

Talk to us

Serving Brampton, Mississauga, Toronto and communities across Ontario.

Ranges shown are market observations compiled from publicly advertised rates and pricing observed across our lender network. They are informational only and do not constitute a quote, offer, or guarantee of any rate. All mortgages are subject to approval. Rates change without notice. Canadian Mortgage Services, FSRA Brokerage Licence #10816.