This week’s lowest fixed and variable mortgage rates in Canada

November 26, 2022 by No Comments

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An aerial view of completed and under-construction new homes at a site in Trappe, Maryland, on Oct. 28.JIM WATSON/AFP/Getty Images

Optimism over falling inflation is pulling down bond yields, leading to falling fixed mortgage rates in all terms except the one-year fixed.

Amid higher demand for one-year terms and expectations for a rising overnight rate, the lowest nationally advertised one-year fixed actually climbed this week, by 20 bps to 5.69 per cent.

For default insured fixed mortgages, the picture looks better: 4.99 per cent or less for one to five-year terms. As always, check the rate sites online for better regional offers.

Variable rates didn’t move this week. They will remain steady until the central bank presumably increases interest rates again on Dec. 7 and pushes some borrowers closer to their trigger rate.

The lowest-cost widely advertised HELOC still comes from HSBC at 5.95 per cent.

As of Thursday Nov. 24, these are the lowest nationally available mortgage rates in Canada, from providers that advertise rates online and lend in at least nine provinces.

Lowest nationally available mortgage rates

1-year fixed 5.89% Alterna Bank 4.99% Quest Mortgage
2-year fixed 5.54% HSBC 4.99% Quest Mortgage
3-year fixed 5.44% HSBC 4.92% Nesto
4-year fixed 5.54% First National 4.99% Quest Mortgage
5-year fixed 5.29% HSBC 4.84% CanWise Financial
10-year fixed 5.94% HSBC 5.59% Nesto
Variable 5.45% Merix Financial 4.75% Nesto
5-year hybrid 5.42% HSBC 5.56% Scotia eHOME

Insured rates apply to those buying with less than a 20-per-cent down payment, or those switching a pre-existing insured mortgage to a new lender. Uninsured rates apply to refinances and purchases over $1-million and may include applicable lender rate premiums. For providers whose rates vary by province, their highest rate is shown.

Robert McLister is an interest rate analyst, mortgage strategist and editor of You can follow him on Twitter at @RobMcLister.

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