Best Mortgage Rates in Canada — June 2026

Bank of Canada Holds at 2.25%

On June 10, 2026, the Bank of Canada held its overnight rate at 2.25% for the fifth consecutive decision. With Prime Rate at 4.45%, here's where mortgage rates currently stand across Canada.

Current Best Mortgage Rates (June 2026)

Term	Best Rate	Where to Find It
Variable	3.25–3.45%	Online lenders, brokers
1-Year Fixed	4.49%	Credit unions
3-Year Fixed	4.69%	Online lenders
5-Year Fixed	4.84%	Brokers, credit unions

How to Get the Best Rate

• Use a mortgage broker — they compare 30+ lenders and are free to use (paid by the lender)
• Check credit unions — often 0.25–0.50% below major banks
• Get pre-approved — locks in your rate for 90–120 days while you shop
• Negotiate — your lender's first offer is rarely their best

Fixed vs Variable: What Makes Sense Now?

With variable rates roughly 1.5% below 5-year fixed, variable is attractively priced. However, if rates rise 1.5% or more, variable becomes more expensive. Most economists expect the BoC to hold through summer with possible cuts in Q4 2026.

Our take: Variable makes sense for buyers with financial flexibility. Fixed makes sense for buyers who need payment certainty or are at the top of their budget.

⚠️ This article is for informational purposes only. Not financial advice. Canada Mortgage Rates is not a licensed mortgage broker. Always verify with a licensed professional.