With a 580 credit score and 10% down in British Columbia, the current national broker floor for a 5-year fixed CMHC-insured mortgage is 4.09%. The bank average is 4.09%. The stress test qualifying rate is approximately 6.09%. Use FairRate to check whether your lender quote is competitive.
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Primary benchmark for Canadian 5-year fixed mortgage pricing.
Competitive broker-channel estimate for CMHC-insured 5-year fixed mortgages.
Estimated average offered rate across major Canadian banks.
Broker floor + 2.0 pp. Required qualifying rate under OSFI B-20.
At 580, some prime lenders require a co-signer or decline outright. Rates typically run 0.20–0.40% above the national broker floor. A targeted credit-repair plan before your next renewal can materially reduce future payments.
CMHC requires a minimum credit score of 600. At 580, most lenders will process your application, but some apply stricter overlays requiring 620 or higher. Ask your broker or lender what their minimum is before applying.
With 10% down, your mortgage requires CMHC (or Sagen or Canada Guaranty) insurance. The CMHC premium for 10% down is 3.10% of the total insured mortgage amount. This premium is added to your mortgage principal — it is not paid as a separate closing cost.
British Columbia charges a Property Transfer Tax (PTT). First-time buyers purchasing under $835,000 may be exempt from the PTT. Foreign buyers should also review the additional property transfer tax rules before finalising a purchase.
Beyond the interest rate, compare prepayment privileges, portability, and penalty wording before signing. A lower rate with a restrictive IRD penalty can cost more than a slightly higher rate with a fair three-month interest penalty — particularly if you sell or refinance before the term ends.
Full benchmark context for all mortgage types in this province.
What to check before accepting a renewal offer.
Bond yield, broker floor, bank average, and stress test rates.
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With a 580 credit score and 10% down in British Columbia, the current national broker floor for a 5-year fixed CMHC-insured mortgage is approximately 4.09%. The bank average is around 4.09%. At 580, some prime lenders require a co-signer or decline outright. Rates typically run 0.20–0.40% above the national broker floor. A targeted credit-repair plan before your next renewal can materially reduce future payments. Your actual offer will depend on the specific lender, term, property type, and current market conditions.
Yes. With 10% down, your mortgage is insured by CMHC (or Sagen or Canada Guaranty). The CMHC premium for 10% down is 3.10% of the insured mortgage amount. This premium is added to your mortgage balance — it is not an upfront payment. CMHC requires a minimum credit score of 600, and the insured purchase maximum is CA$1,500,000 (as of December 2024). Insured mortgages often carry a slightly lower rate than conventional (20%+ down) mortgages from the same lender.
Under OSFI's B-20 mortgage stress test guidelines, you must qualify at the higher of your contract rate plus 2%, or 5.25%. At the current broker floor of 4.09%, the stress test qualifying rate would be approximately 6.09%. This stress test applies to both insured and uninsured (conventional) mortgages and is used by lenders to confirm you can service the debt if rates rise.
The Government of Canada 5-year bond yield is the primary pricing benchmark for 5-year fixed mortgages in Canada. The current yield is approximately 3.12%. Lenders add a spread above this yield to cover funding costs, credit risk, and profit margin. The current broker floor of 4.09% represents a spread of approximately 97 basis points above the bond yield. When the bond yield rises, fixed mortgage rates typically follow within days to weeks.