Finding the best mortgage rates in Ontario is crucial for anyone looking to buy a home or refinance their mortgage. With the right rate, you can save thousands of dollars over the life of your loan, making it essential to understand what influences mortgage rates in this province.

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As of March 06, 2024

Individual rates vary based on several factors, including: down payment, term length, credit score and history. Contact us to find your exact rate.

What Are Mortgage Rates?

Mortgage rates are the interest rates charged on a mortgage loan, significantly impacting monthly payments and the total interest paid over the life of the loan. They determine how much it will cost to borrow money to purchase a home.

Types of Mortgages Available in Ontario

Fixed-rate mortgages

Offer a constant interest rate and payment amount over the entire term, providing stability and ease of budgeting.

Variable-rate mortgages

Fluctuate with the market interest rate, potentially offering lower rates initially but with the risk of increasing rates over time.

Factors Affecting Mortgage Rates in Ontario

Economic indicators, the Bank of Canada's key interest rates, inflation, and global economic events can all influence mortgage rates. Lenders also consider individual factors such as the borrower's creditworthiness and the loan-to-value ratio.

Find the Best Mortgage Rates in Ontario

The Role of
Mortgage Brokers

Mortgage brokers can play a crucial role in finding competitive mortgage rates. We have access to a wide range of lenders and can often negotiate better rates on behalf of our clients.

While banks offer the convenience of bundling mortgage products with other banking services, mortgage brokers specialize in mortgages and can shop around to find the best rates from various lenders, potentially saving you money.

Iron Funding
TD Canada Trust
First National
First Ontario
Equitable Bank
B2B Bank
Bridgewater Bank
CMLS Financial
Canadian Western Bank
Home Trust
IC Savings
Manulife Bank
Westboro Mortgage

Tips to Qualify for the Best Mortgage Rates

Improving Your Credit Score

A higher credit score signals to lenders that you're a low-risk borrower, which can help you secure a lower mortgage rate. Paying bills on time, reducing debt, and correcting any errors on your credit report are steps you can take to improve your score.

Saving for a Larger Down Payment

The more you can put down upfront, the less risk the lender takes on, which can result in a lower interest rate for you.

Debt-to-Income Ratio

This ratio measures your total debt against your income. Lowering your debt-to-income ratio by paying off debts can improve your chances of qualifying for a lower mortgage rate.

Frequently Asked Questions

Your mortgage rate in Ontario is influenced by several factors, including the Bank of Canada's benchmark interest rate, your credit score, down payment size, the amortization period, the type of mortgage (fixed or variable), and the current economic conditions. Lenders also consider your debt-to-income ratio and employment stability.

To secure the best mortgage rate in Ontario, start by maintaining a strong credit score and saving for a significant down payment. Comparing rates from multiple lenders and considering the services of a mortgage broker can also lead to better rate options. Additionally, understanding the timing and market trends can be advantageous.

Choosing between a fixed and variable mortgage rate depends on your risk tolerance and financial situation. Fixed rates offer stability and predictability over your term, making budgeting easier. Variable rates, however, can be lower than fixed rates but come with the risk of increasing if the market rate goes up. Consider your long-term financial goals and consult with a financial advisor.

Working with a mortgage broker can significantly enhance your chances of securing a better mortgage rate compared to negotiating directly with banks. Mortgage brokers have access to a wide range of lenders and can leverage their relationships and expertise to negotiate on your behalf. Especially beneficial for those without an extensive financial background or strong relationships with banks, a broker can simplify the process, compare offers across the market, and find rates that you might not have access to on your own. Their knowledge and negotiation skills can prove invaluable in securing favorable terms.

Mortgage rates in Ontario can change frequently, often in response to changes in the Bank of Canada's interest rates, economic conditions, and the lending institution's policies. Lenders may adjust their rates daily, so it's crucial to stay informed and consult with your lender or mortgage broker for the most current rates.

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Securing the best
mortgage rate

Ready to find your best mortgage rate in Ontario? Contact us today for a personalized mortgage rate quote and start your journey to homeownership with confidence.