FairRate benchmarks Canadian mortgage rates across 2,240 borrower scenarios — 7 terms, fixed and variable, 4 credit tiers, 4 intents, all 10 provinces. Data from Bank of Canada. No broker. No lead gen.
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The table below shows the estimated broker floor and bank average for each Canadian mortgage term, based on Bank of Canada benchmark data. Rates assume excellent credit (750+ score) and the most favourable pricing tier. Actual rates vary by lender, insured status, and individual profile.
| Term | Fixed broker floor | Fixed bank avg | Variable broker floor | Variable bank avg |
|---|---|---|---|---|
| 1-Year | 4.54% | 4.79% | 3.60% | 4.00% |
| 2-Year | 4.34% | 4.59% | 3.60% | 4.00% |
| 3-Year | 4.19% | 4.44% | 3.60% | 4.00% |
| 4-Year | 4.09% | 4.34% | 3.60% | 4.00% |
| 5-Year | 4.04% | 4.29% | 3.60% | 4.00% |
| 7-Year | 4.24% | 4.49% | 3.60% | 4.00% |
| 10-Year | 4.49% | 4.74% | 3.60% | 4.00% |
Select a term to see the fixed vs variable comparison for all credit tiers, intents, and provinces.
Each spoke page covers a specific borrower scenario: term × rate type × credit tier × intent × province. The combinations produce 2,240 unique pages — each showing the benchmark rate for that exact profile, what the rate means in dollars, how the province affects closing costs, what the credit tier means for rate and negotiation, and the stress test qualifying income.
Use this hub to navigate to your exact scenario, or use the free rate checker tool to benchmark a specific offer against the current data.
All rates are based on Bank of Canada benchmark data (BoC Valet API) and are updated regularly. They are not lender quotes and do not constitute financial advice.
The Bank of Canada insured 5-year fixed mortgage average (broker floor) is approximately 4.04%. The bank average is approximately 4.29%. These are benchmark reference rates — not lender quotes. Verify current rates with your lender.
Excellent credit (750+) qualifies for the broker floor rate. Good credit (680–749) typically adds ~25bps. Fair credit (620–679) adds ~75bps. Poor credit (below 620) adds ~150bps. These are general estimates — actual lender pricing varies.
The stress test qualifying rate is your contract rate plus 2%, with a 5.25% floor. At current benchmark rates, the typical qualifying rate is approximately 6.04% for an excellent-credit 5-year fixed mortgage.
The best term depends on your situation. The 5-year fixed is most popular. Shorter terms suit borrowers expecting rate declines. Longer terms suit those prioritizing certainty. Use the spoke pages to compare your exact scenario.