Mortgage rate landscape
The Bank of Canada’s prime rate sets the foundation for mortgage pricing. On 5 Nov 2025 its prime rate was 4.70 % while the posted five‑year conventional mortgage rate was 6.09 % bankofcanada.ca. Major banks use this prime rate to price their variable and fixed‑rate products, and credit unions or brokerages often offer discounts. High‑ratio mortgages (those with less than 20 % down payment and mortgage insurance) usually receive lower “special” rates because the insurance reduces the lender’s risk.
Best five‑year fixed mortgage rates
Several lenders and mortgage brokers were offering five‑year fixed rates below the major banks’ posted rates. High‑ratio mortgages required mortgage default insurance but qualified for deeper discounts. The table below summarizes the best five‑year fixed rates found as of 5 Nov 2025. Rates are sorted from lowest to highest. Note that actual eligibility depends on credit, down payment and other factors.
| Rank | Lender/broker & product | Rate / APR | Evidence & notes |
|---|---|---|---|
| 1 | nesto – five‑year fixed (high‑ratio) | 3.74 % fixed rate | Online brokerage nesto lists its best five‑year fixed rate as 3.74 % for insured (high‑ratio) mortgages. This is a limited‑time broker rate and requires mortgage default insurance. |
| 2 | Meridian Credit Union – five‑year closed high‑ratio (special offer) | 3.99 % | Meridian’s rate page shows a high‑ratio five‑year closed special offer at 3.99 %. The credit union also offers a regular five‑year special rate of 4.44 % for uninsured mortgages. |
| 3 | Equitable Bank (EQB Evolution Suite) – five‑year fixed (insured) | 4.09 % with 4.104 % APR | Equitable Bank’s mortgage‑rate table lists a 4.09 % five‑year fixed rate under its EQB Evolution Suite for mortgages with borrower‑paid insurance. The APR is 4.104 %. The standard uninsured five‑year fixed rate is higher at 5.04 %. |
| 4 | Royal Bank of Canada (RBC) – five‑year fixed (high‑ratio special) | 4.29 % (APR 4.32 %) | RBC’s special‑offer table lists a 4.29 % five‑year fixed rate for high‑ratio mortgages with an APR of 4.32 %. RBC’s regular five‑year special rate for uninsured mortgages is 4.590 % (APR 4.620 %). |
| 5 | National Bank – five‑year fixed (insured) | 4.39 % (APR 4.43 %) | NerdWallet’s National Bank rate table (updated daily from the bank’s website) shows a five‑year fixed insured rate of 4.39 % with APR 4.43 %. The uninsured five‑year fixed rate is 4.59 % with APR 4.63 %. |
Five‑year fixed rates at major banks and credit unions
The following table compares five‑year fixed rates at Canada’s major banks and selected private lenders. Rates marked “insured” apply to high‑ratio mortgages; uninsured borrowers typically pay more. All rates are current on or close to 5 Nov 2025 and subject to change.
| Institution | Lowest five‑year fixed rate (approx.) | APR / notes | Evidence |
|---|---|---|---|
| Meridian Credit Union | 3.99 % (high‑ratio special) | 5‑yr special rate for insured mortgages; uninsured special rate 4.44 %; Meridian prime 4.45 %. | |
| Equitable Bank (EQB Evolution Suite) | 4.09 % with APR 4.104 % | Requires borrower‑paid mortgage insurance; standard uninsured rate 5.04 %. | |
| Royal Bank of Canada (RBC) | 4.29 % (high‑ratio special) | Special five‑year fixed rate with mortgage insurance; uninsured special rate 4.590 %; posted rate 6.09 %. | |
| Toronto‑Dominion Bank (TD) | 4.69 % (special) | TD lists a special five‑year fixed closed rate of 4.69 % with APR 4.711 %; its high‑ratio special rate is the same. Posted rate 6.09 %. | |
| Bank of Montreal (BMO) | 4.49 % (insured “Smart Fixed”) | BMO’s “Smart Fixed” insured five‑year rate is 4.49 % (APR 4.51 %); uninsured Smart Fixed rate 4.64 % (APR 4.66 %); posted rate 6.09 %. | |
| National Bank | 4.39 % (insured) | Insured five‑year rate with APR 4.43 %; uninsured five‑year rate 4.59 % (APR 4.63 %). | |
| Canadian Imperial Bank of Commerce (CIBC) | 6.49 % posted | NerdWallet lists CIBC’s posted five‑year fixed rate at 6.49 %; variable five‑year rate 4.45 %. | |
| Scotiabank | 4.32 % (insured broker rate); posted 6.09 % | Scotiabank does not publish special rates publicly; NerdWallet reports broker rates around 4.32 % for insured five‑year terms and 4.62 % for uninsured mortgages. The bank’s posted five‑year fixed rate is 6.09 % and its five‑year variable (closed) rate 4.90 %. | |
| TD Bank | 4.69 % special | See above. | |
| BMO | 4.49 % special (insured) | See above. | |
| Nesto | 3.74 % (insured) | See above. | |
| Ratehub (aggregator) | 3.79 % high‑ratio five‑year fixed | Ratehub’s table of best five‑year fixed rates lists a 3.79 % rate from an unnamed Canadian lender and several other options, including 3.94 % from a Big‑Six bank, 3.94 % from CanWise, 3.99 % from Meridian and 4.09 % from Equitable Bank. |
Key observations and guidance for borrowers
- High‑ratio mortgages have the lowest rates. The lowest five‑year fixed rates (3.74 %–3.99 %) are available only when your down payment is below 20 % and you purchase mortgage insurance. Lenders assume less risk because the insurer will cover default losses, so they offer deeper discounts.
- Credit unions and brokerages often undercut big banks. Meridian Credit Union and Equitable Bank (via its EQB Evolution suite) offer rates around 3.99 %–4.09 %. Brokers such as nesto advertise high‑ratio rates as low as 3.74 %. These rates beat the major banks’ special offers.
- Big banks still matter. If you need an uninsured mortgage or prefer dealing with a major institution, RBC’s five‑year fixed special rate (4.59 % for uninsured borrowers) is competitive. TD and BMO offer special rates around 4.49 %–4.69 %. National Bank’s insured rate (4.39 %) is also notable
- Posted rates are much higher. Posted five‑year fixed rates at the major banks hover around 6.09 %. These rates are rarely offered to qualified borrowers but provide negotiating leverage. Always ask for the special or broker rate.
- Check the prime rate and variable options. The Bank of Canada’s prime rate was 4.70 % bankofcanada.ca and many lenders offer five‑year variable rates at discounts to prime. For example, TD’s five‑year variable closed rate was 4.24 % (prime minus 0.36 %) and Meridian offered 3.89 % (prime minus 0.56 %)
Practical tips
- Shop around. Don’t accept the first rate you hear. Use brokers and credit unions to compare offers. Rate‑comparison sites show lenders willing to negotiate well below posted rates.
- Understand your down payment. A down payment below 20 % qualifies you for insured mortgages with lower rates, but you must pay insurance premiums. Weigh the long‑term cost of insurance against the interest savings.
- Consider prepayment options. The ability to make lump‑sum payments or increase regular payments differs by lender. Meridian and BMO allow annual lump‑sum prepayments of 15 %–20 %; if you plan to pay off your mortgage faster, look for flexible prepayment privileges.
- Stay informed on rate announcements. Mortgage rates move with the Bank of Canada’s policy rate. Tracking interest‑rate forecasts helps you decide whether to lock in a fixed rate or choose a variable option.
By comparing offers from brokers, credit unions and major banks, you optimize your mortgage costs. Use the above tables as a starting point, but always obtain personalized quotes to see which rate fits your financial profile.
