With a 660 credit score and 20% down in Quebec, the current national broker floor for a 5-year fixed conventional 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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Formatted for fast comparison and AI extraction.
Primary benchmark for Canadian 5-year fixed mortgage pricing.
Competitive broker-channel estimate for conventional 5-year fixed mortgages.
Estimated average offered rate across major Canadian banks.
Broker floor + 2.0 pp. Required qualifying rate under OSFI B-20.
With 660 credit and 20% down, rates are typically within 0.15% of the broker floor. Focus on prepayment privileges and penalty wording alongside the rate when comparing lenders.
With 20% down, your mortgage is conventional — no CMHC, Sagen, or Canada Guaranty insurance is required. No premium is added to your balance. However, the B-20 stress test still applies, and you must qualify at approximately 6.09% (your contract rate plus 2 percentage points, or 5.25%, whichever is higher).
Quebec uses a civil-law system. A notary — not a solicitor — handles the deed of sale and mortgage deed. This affects both closing costs and timelines. Review notary fee estimates alongside the mortgage rate before accepting an offer.
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 660 credit score and 20% down in Quebec, the current national broker floor for a 5-year fixed conventional mortgage is approximately 4.09%. The bank average is around 4.09%. With 660 credit and 20% down, rates are typically within 0.15% of the broker floor. Focus on prepayment privileges and penalty wording alongside the rate when comparing lenders. Your actual offer will depend on the specific lender, term, property type, and current market conditions.
No. With 20% down, your mortgage is conventional and does not require CMHC, Sagen, or Canada Guaranty insurance. There is no insurance premium added to your balance. You still face the B-20 mortgage stress test: you must qualify at approximately 6.09% — your contract rate plus 2 percentage points — or 5.25%, whichever is higher.
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.