Mortgage rates today
Official Bank of Canada numbers, updated daily, with the one distinction most rate pages get wrong.
As of Oct 15, 2026, the Bank of Canada prime rate is 4.45% and the policy rate is 2.25%. The 5-year Government of Canada bond yield, which drives fixed mortgage pricing, is 3.55%. The Bank estimates the average variable mortgage rate at 3.57%. Posted rates published by lenders run roughly two points higher than what borrowers actually pay, so they are not a guide to your rate. Any mortgage must also qualify at the greater of your contract rate plus two points or 5.25%.
Bank of Canada, updated daily. These are official reference rates, not a quote.
The distinction that matters
Most rate pages quote the Bank of Canada's conventional mortgage series and call it today's rate. That series is the posted rate, currently 6.19% for five years. Almost nobody pays it. Lenders discount heavily off posted, so a real five-year quote lands well below that figure.
What actually moves your rate: fixed pricing follows the 5-year Government of Canada bond yield, currently 3.55%. Variable pricing is quoted as prime minus a discount, and prime is 4.45%. Watch those two numbers and you will see rate moves before the headlines.
This is a rate watch, not a quote. Mortgage brokerage is a separate licence class from real estate under the Real Estate Council of Alberta. For an actual rate, talk to a licensed mortgage broker or your lender. Happy to introduce you to brokers who do good work.
Every number, with its source
| Rate | Current | As of | Verify |
|---|---|---|---|
| Prime rate | 4.45% | Oct 14, 2026 | V80691311 |
| Bank of Canada policy rate | 2.25% | Oct 14, 2026 | V39079 |
| 5-year Government of Canada bond yield | 3.55% | Oct 14, 2026 | BD.CDN.5YR.DQ.YLD |
| Estimated variable mortgage rate (estimate) | 3.57% | Oct 15, 2026 | BROKER_AVERAGE_5YR_VRM |
| Conventional 5-year mortgage (posted) (posted, not achievable) | 6.19% | Oct 14, 2026 | V80691335 |
| Conventional 1-year mortgage (posted) (posted, not achievable) | 5.49% | Oct 14, 2026 | V80691333 |
Pulled automatically from the Bank of Canada each morning. Every series id links to the Bank's own page for that number, so nothing here has to be taken on trust.
What you actually have to qualify at
Qualifying rate is the greater of the contract rate plus 2 percentage points, or 5.25%. So a 3.57% contract rate is assessed at 5.57%, and that higher number is what decides how much you can borrow.
Applies to insured mortgages and to federally regulated lenders under OSFI B-20.
Canadian mortgages compound semi-annually, not monthly. Every calculator on this site uses that convention; US-style monthly compounding overstates it.
Want a real rate? I'll introduce you personally
The numbers above tell you where the market is. They cannot tell you what you will be offered, because that depends on your income, credit, down payment and the property. That comes from a mortgage broker, and I know several in Calgary who do good work and answer their phone.
Tell me roughly where you are and I will make the introduction myself, to a specific person rather than a form. No cost to you.
Bring the broker good questions
An introduction is worth more if you arrive prepared. Four questions that separate a good quote from a cheap-looking one:
- What is the penalty if I break early? The interest rate differential at a big bank can run into five figures. This is the number that costs people the most and gets asked the least.
- Is the rate fixed or variable, and what is the discount off prime? Variable is quoted as prime minus a discount, and prime is currently 4.45%.
- What are the prepayment privileges? How much can you pay down each year without penalty.
- Is it a collateral charge? It affects what it costs to switch lenders at renewal.
Run your own numbers first so the conversation starts from something concrete: what you can afford, or what a payment looks like.
Questions
What is the current prime rate in Canada?
The Bank of Canada prime rate is 4.45% as of Oct 14, 2026. Variable mortgage rates are quoted as prime minus a discount, so prime moving changes variable payments directly.
Why is the posted mortgage rate higher than the rate I was offered?
Posted rates are lender list prices and run roughly two percentage points above what borrowers actually pay. The Bank of Canada publishes the posted conventional 5-year rate at 6.19%, while real discounted quotes land well below it. Use the 5-year Government of Canada bond yield, currently 3.55%, as the better signal for where fixed rates are heading.
What rate do I have to qualify at in Canada?
Qualifying rate is the greater of the contract rate plus 2 percentage points, or 5.25%. The qualifying rate applies to insured mortgages and to federally regulated lenders under OSFI Guideline B-20, and it is what determines your maximum borrowing amount, not your contract rate.
Can you connect me with a mortgage broker in Calgary?
Yes. Mohammad makes the introduction personally, to a specific broker rather than a lead form, at no cost. He is a licensed REALTOR and property manager, not a mortgage broker, so the mortgage itself is arranged by the licensed mortgage professional you are introduced to.
Does a REALTOR arrange mortgages?
No. Mortgage brokerage is a separate licence class from residential real estate under the Real Estate Council of Alberta. A REALTOR can explain how rates affect what you can buy and introduce you to licensed mortgage brokers, but the mortgage itself is arranged by a licensed broker or directly with a lender.
Sources
- Bank of Canada: Valet API, interest rate series
- Bank of Canada: Prime rate series V80691311
- Government of Canada: OSFI Guideline B-20, residential mortgage underwriting
Rules, fees and programs change. Confirm current details with the issuing authority before acting.
Last updated 2026-10-15 · Written by Mohammad Emon, REALTOR® (SRES®) & Licensed Property Manager, KO Realty · RECA licence CON-00133897