With a 740 credit score and 10% down in Newfoundland and Labrador, 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 740+, you typically qualify for broker-floor pricing. Focus on term, portability, and prepayment wording — the rate itself is likely already competitive.
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.
Newfoundland and Labrador does not charge a provincial land transfer tax, though legal and registration fees apply. Rate and amortization selection remain the primary drivers of long-term mortgage cost.
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.
Enter your quote and see how it compares to current benchmarks.
With a 740 credit score and 10% down in Newfoundland and Labrador, 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 740+, you typically qualify for broker-floor pricing. Focus on term, portability, and prepayment wording — the rate itself is likely already competitive. 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.