Current Mortgage Rates in Toronto

Providing Current Mortgage Rates

Having the lowest rates can save you thousands of dollars over the life of your mortgage. It is key to helping you find financial freedom.

The lower your mortgage rates, the more affordable your monthly payments and the more cash available for savings and retirement. However, there is more to mortgages than interest rates.

We can help you negotiate the best rates and terms to help you achieve your financial goals.

How to Compare Mortgage Rates

Our chart makes it easy to compare mortgage rates. It shows the interest rate factor, which calculates the interest you’ll have to pay each month. This gives you a better idea of how each interest rate shown will affect your monthly payments. We then show:

  • The posted rate: What the lender has publicly announced as their current rate. This is often as much as a full point higher than the rates they are willing to offer.
  • The discount mortgage rate: The rate listed at a set amount below the lender’s standard variable rate. Lenders expect you to negotiate to get this rate.

It is always tricky when considering mortgage rates because there is more to a mortgage than just the rates. Often lenders will offer better rates but have less obvious downsides.

By keeping an eye on current mortgage rates, you can be ready to take advantage of them. However, it is always best to speak with our team so we can help you find the best overall mortgage, whether it is 5-year mortgage rates or 30-year mortgage rates. The best mortgage rate will cost you the least amount over the years.

Closed Terms Posted Rate Discounted Rate
Closed Variable 5 Year Prime - 1.00% 1.00%
1 Year 5.99% 5.99%
2 Year 5.74% 5.74%
3 Year 4.99% 4.99%
4 Year 5.24% 5.24%
5 Year 4.69% 4.69%
7 Year 5.54% 5.54%
10 Year 5.64% 5.64%
Open Secured Line of Credit Prime + 1% 4.70%
Bank Prime Rate 6.70% 6.70%
Make the Right Home Financing
Use our Interactive Mortgage Calculators
  • * * Rates as of January 27, 2023. These rates are subject to change without notice.
  • ** Rates are based on an Insured/High Ratio Mortgage
Not sure if a Mortgage is right for you?
We’re here to help!
Call us at 416-615-0030 or CONTACT US

Book A Free Consultation

Please fill out the form below and one of our brokers will be in touch shortly.