Mortgage rates in Canada dropped again today, June 24, 2026, continuing the downward trend from recent weeks. Five-year fixed rates now average 4.39 per cent nationally, while five-year variable rates sit at 5.15 per cent. If you are shopping for a new mortgage, renewing your term, or considering refinancing, today’s rates offer better terms than borrowers saw earlier this spring.

Current Mortgage Rates (June 24, 2026)

As of today, the average advertised rates from major Canadian lenders are:

  • Five-year fixed rate: 4.39%
  • Three-year fixed rate: 4.55%
  • Five-year variable rate: 5.15%
  • One-year fixed rate: 5.10%

Rates vary by lender, province, and your credit profile. The figures above reflect national averages; individual lenders may offer promotional rates or discounts depending on your down payment, the insured or uninsured status of your mortgage, and whether you work with a mortgage broker. According to the Financial Consumer Agency of Canada, comparison shopping across multiple lenders can save you thousands of dollars over the life of your mortgage.

Why Rates Are Falling

The Bank of Canada has held its policy interest rate steady at 3.75 per cent since its last announcement, following a series of cuts earlier this year. Lenders set their prime rates based on the Bank of Canada’s policy rate, which directly influences variable-rate mortgages and indirectly affects fixed-rate pricing through bond market movements.

Fixed rates have declined as bond yields dropped in response to softer inflation data and expectations that the central bank may cut rates further if economic growth slows. Variable rates remain higher than fixed rates because they track the prime rate directly, and lenders have maintained their spreads above prime.

What This Means for You

If you are buying: Today’s fixed rates are more competitive than variable rates, a reversal from the historical pattern. Locking in a five-year fixed term at 4.39 per cent gives you payment certainty and protection if the Bank of Canada pauses or reverses its easing cycle. However, if you expect further rate cuts, a shorter term (one or three years) or a variable rate could let you benefit from future declines, though you accept the risk that rates could rise again.

Read also: Mortgage and Refinance Interest Rates in Canada: June 2026 Update

If you are renewing: Compare your maturing rate to today’s offerings. Many borrowers who locked in during 2021 or 2022 are renewing at higher rates, but if your term is ending now, you may find relief compared to rates from six months ago. Use a mortgage comparison site such as RateHub to see current options from multiple lenders, and consider switching lenders if your current one does not match competitive rates.

If you are refinancing: Lower rates improve the case for refinancing to consolidate debt, access home equity, or switch from a variable to a fixed term. However, prepayment penalties (often calculated as the interest rate differential on a fixed mortgage) can be substantial if you break your term early. Calculate the penalty and compare it to the interest savings before deciding.

Important Disclaimers

Mortgage rates change daily and vary by lender, province, property type, and your financial profile. The rates shown are general market averages as of June 24, 2026, and are not an offer to lend. Mortgage eligibility, terms, and prepayment options differ by lender and product. This information is for general educational purposes only and is not personalized financial, lending, legal, or tax advice.

The OSFI mortgage stress test, mortgage default insurance requirements, land transfer taxes, and available mortgage programs vary by province and by lender. Before making any mortgage decision, verify current rates and terms with a licensed mortgage broker or financial institution, and consult a qualified professional for advice specific to your situation.

Next Steps

Check rates from at least three lenders or use a mortgage broker to compare offers. If you are renewing within the next 120 days, most lenders let you lock in a rate now to protect against future increases. If you are refinancing, request a payout statement from your current lender to confirm any prepayment penalty, then compare the penalty to the potential savings from a lower rate.