Best Mortgage Rates Ontario

Ontario Mortgage Rates - Find and compare the current Best mortgage rates in Ontario. Get the Lowest Fixed & Variable Rates from Banks, Mortgage Brokers & Credit Unions

Compare mortgage rates from 85+ Canada's leading banks and brokers in just 2 minutes.

On average, Canadians save thousands of dollars per year by comparing rates with us.

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5-Year Fixed


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3-Year Fixed


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5-Year Variable

Our goal at is to make your shopping for the best mortgage rates in Ontario quick and pain-free. We are always working to bring you the lowest mortgage rates in Ontario free-of-charge. We do this by shopping for the most competitive brokers, banks, and lenders in Ontario. You can be sure you are getting the most up-to-date information, as we update the comparisons daily.

Best 3-Year Variable Mortgage Rates Ontario

Compare the lowest 3-year variable mortgage rates in Ontario. Below are the best 3-year Variable mortgage rates currently offered in Ontario by Banks, Brokers & Credit Unions.


5-Year Variable

Compare the Best 3 Year Variable Mortgage Rates in Ontario

The variable mortgage rates expose the borrower to the interest rate changes and thus their mortgage payments. If the rates in the market fluctuate, the borrower will incur the difference in the interest that’s applied to their mortgage principal. Additionally, if the borrower’s mortgage payments have been structured so they can pay a fixed charge per month – with the changes in the rate affecting the principal portion and the interest – then the schedule of the mortgage payment may also undergo changes.

The 3-year variable mortgage rate is very sensible if the borrower foresees their mortgage breaking within a few year time.  For instance, if you are looking forward to upgrading your home, opting for the 3-year variable mortgage rate over the 5-year rate will save you some good amount of money.

How Popular is 3 Year Variable Mortgage Rates in Ontario

About 20% of the Canadian population have a mortgage term between 2 and 4 years, with the younger population having a figure slightly higher. The younger population have reduced the urgency to lock into the rates for a longer period of time.

The 3-year variable mortgage rates have a penetration of about 29% out of all the mortgages, meaning that it’s not as popular as the fixed mortgage rate. This is as a result of uncertainty related to the interest rate fluctuations. 

Pros & Cons of a 3yr Variable Mortgage Rate

The 3-year variable mortgage rate is chosen by people due to the following reasons:

  • It has lower rates as compared to the 5-year variable mortgage.
  • It gives the refinance flexibility with no penalty.
  • It’s good when not planning to own a home for a period that is longer than 3 years.
  • The penalty is lower if you break the mortgage earlier.

This mortgage term has a number of disadvantages as well:

  • If the rates become higher, the interest costs will also hike.
  • It’s hard to get a variable rate approval if your debt ratio is above average.

Best 3-Year Fixed Mortgage Rates Ontario

3-year fixed-rate mortgages have constant interest rates for a period of 3 years. This is your mortgage term, the locked-in rate for three years. It is different to the amortization period, which is the amount of time you can take to repay your mortgage. Your mortgage term is the point at which you can renew your mortgage rate.

Advantages of 3-year fixed-rate mortgages in Ontario

Perhaps the biggest advantage of 3-year fixed-rate mortgages is that you know how much your mortgage payments will be. Also, you don’t have to worry about changes in interest rates. You can plan your budget, set mortgage payments aside, and forget about it.

These mortgages are the lowest cost option if you want to lock in their interest rates for the long term. Buyers should also have no intention of refinancing the mortgage or increasing the payment before three years.

In addition, longer-term fixed-rate mortgages cost borrowers more interest than short-term and variable-rate mortgages.

Also, when buyers switch to 3-year fixed-rate mortgages, most lenders are willing to pay the appraisal and legal fee.

Disadvantages of 3-year fixed-rate mortgages in Ontario

Perhaps the biggest disadvantage is that fixed-rate mortgages have much higher penalties for early termination. Major banks calculate penalties using the bank’s current rate, which can be quite harsh.

Best 5-Year Variable Mortgage Rates Ontario

5-Year Variable Mortgage Rate is increasingly gaining popularity in Ontario. We shop around for the best and lowest mortgage rates currently offered in Ontario. Our Rates are updated daily and rest assured you will find the best mortgage rates below.


3-Year Fixed


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5 Year Variable Mortgage Rates in Ontario

The 5-year variable mortgage rate exposes the borrower to the changes in the interest rates and hence in the mortgage payments. If there are fluctuations in the market, you’ll incur the difference in the interest applied to the mortgage principal. Variable mortgage rates are also less expensive compared to the fixed mortgage rates when subjected to historic examination.

The 5-year variable mortgage rate fluctuates according to the prime lending rate movements, which is simply the rate at which banks lend their creditworthy clients. The variable mortgage rate is basically expressed as a prime plus or minus percentage discount or premium.

How Popular is 5 Year Variable Mortgage Rates in Ontario?

Although the fixed mortgage rate is the most popular at 66%, the significant minority consists of the variable and adjustable mortgage rates.  This, therefore, means that the 5-year variable mortgage rates are not as popular as the 5 year fixed mortgage rates, which also are slightly popular in the younger age groups than in the old ones.  The 5-year variable mortgage rate is, however, popular for most borrowers.

However, the 5-year term is the most popular duration for mortgage rates. This is very logical given that 5 years is also the midpoint between 1 and 10-year term lengths available.

Pros & Cons of a 5yr Variable Mortgage Rate

5-year variable mortgage rate is Ontario’s most popular floating-rate mortgage and people choose it for the following reasons:

  • People need a mortgage which has a cheaper penalty if they happen to break their mortgage contract much earlier.
  • It gives more flexibility for early refinancing without penalties.
  • Variable rates have cost borrowers fewer interests historically as compared to the long-term fixed rates.

However, 5-year variable mortgage rates also have disadvantages:

  • The interest costs can increase if the rates increase highly.
  • It’s difficult to get approval for variable rates if you happen to have a debt ratio that is above average.

Best 5 Year Fixed Mortgage Rates Ontario

5-Year Fixed Mortgages are the most popular mortgages in Ontario. Consumers have many options available when choosing 5-year fixed mortgages, so we at, shop for the lowest rates available in Ontario.


3-Year Fixed


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Advantages of 5-year fixed mortgages Ontario:

Choosing a 5-year mortgage rate in Ontario lets you know exactly how much your mortgage payments will be, regardless of interest rate fluctuations. This makes budgeting easier, with no unpleasant surprises for the length of your mortgage.

  • This is the cheapest mortgage available to those who are looking forward to locking into their interest costs and payment for a long period of time.
  • Fixed-rate mortgages are suited for those with no plans for refinancing or increasing their mortgage within five years.
  • It also suits those who do not qualify for cheaper terms. Most lenders require 1- to 4-year fixed and variable borrowers to prove that they are able to make payments at the 5-year fixed-rate benchmark, which can possibly be 2% higher than your actual rate.

We recommend choosing a 5-year fixed mortgage when interest rates are low since the chance that rates will reduce further is slim. Your mortgage payments will be stable.

Some disadvantages of 5-year fixed-rate mortgages:

The penalties can be much higher for early terminations. Cancel
5-year fixed-rate mortgages have cost borrowers more interest historically as compared to a variable and short-term fixed rates.

The 5-year mortgage has a popularity of 60% out of all mortgages and is Ontario’s most common mortgage duration. This term sits in the middle of the available mortgage term lengths, that is, between 1 and 10 years, thus has risk-neutral average popularity. The majority of younger borrowers prefer the 5-year fixed mortgage rate in Ontario, while older age groups prefer variable rate mortgages.

Best Mortgage Rates in Ontario

Finding a mortgage that is right for you is not just about finding the cheapest interest rates anymore. Use our comparison tools to not only find the best rates on Mortgages in Ontario but also to compare the various terms and conditions each mortgage has. Find the latest information on open or closed mortgages, prepayment options, or fixed and variable-rate mortgages.

  • It doesn’t matter if you are a first-time homebuyer, refinancing, looking for a pre-approval, or consolidating debt, seeks to be your first and last stop for the best rates in Ontario. Our provided rates are for all the major cities in Ontario, in addition to many other areas throughout the province.
  • Mortgage Rates in Ontario change very frequently. If you want the lowest mortgage rates Ontario has to offer, then you have visited the right website. With information about all the mortgage rates Ontario has, your search for the cheapest and most affordable way to own a house has successfully concluded! helps you find the current best mortgage rates in Ontario in one easy to use location.
  • What if we told you that we could show you average rates less than 2.5% on fixed-rate mortgages in Ontario? That is over 1.5% lower than the bank posted rates!
  • To put these interest savings into perspective: on a $400,000 mortgage, this would give you more $100,000 over the life of the loan. That’s a lot of money you can invest elsewhere!

Which is the most popular mortgage rate in Ontario – Variable or Fixed?

When comparing mortgage rates, it is important to consider the recent history of the rates to get a full picture of where they are going. When you look at the last several years and the thousands of people who have used, you will see that most people who are given the option between a 5-year variable or 5-year fixed-rate mortgage will choose a 5-year variable-rate mortgage because of the savings on interest.

This is a trend we will probably see continue due to how much variable rates have come down in the last several years.

Lowest Mortgage Rates in Ontario

With the lowest mortgage rates Ontario has, you can afford your dream home with a lot more comfortable. However, your broker or service may not be able to find you these rates as easily, but can. With a database of all the latest mortgage interest rates Ontario has, you will be able to find one that suits your financial plan in the best way.

Comparing rates among various brokers will let you know if yours is getting you the best deal- and where you can actually go to save even more money. Just enter your mortgage amount and let do the rest.

Why should I compare mortgage rates in Ontario?

We never buy anything without comparing- be it mobile phones, internet providers, clothes or even automobiles. However, when we do the same with mortgages, the benefits are even bigger. gives you an easy and highly efficient way to compare mortgage rates in Ontario. This helps you save a lot of time and money with the best mortgage brokers Ontario has, along with the deals that they offer.

Owning your dream house can be a lot more affordable when you get the right mortgage deal- and that is what will help you find. Just enter your mortgage amount and terms to find and compare the best deals in Ontario.

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