“The Bank of Canada held its policy interest rate at 2¼% on September 2, 2026, marking the seventh consecutive hold. The Bank noted that continuing conflict in the Middle East and a breakdown in trade talks between Canada and the U.S. have kept uncertainty elevated, while headline CPI inflation has moved somewhat higher in recent months, near 3%, reflecting higher energy prices.”

Bank of Canada, September 2, 2026 rate announcement

High Ratio (Insured) Mortgage Rates

For buyers with a down payment under 20%, backed by mortgage default insurance.

Here are today’s best High Ratio (Insured) mortgage rates in Canada for borrowers with strong credit, based on live offers from Apply Financial’s lender panel as of September 25, 2026:

Term	Interest Rate
1-Year Fixed	4.92%
2-Year Fixed	4.77%
3-Year Fixed	4.57%
4-Year Fixed	4.67%
5-Year Fixed	4.67%
7-Year Fixed	5.49%
10-Year Fixed	5.79%
5-Year Adjustable (ARM)	3.68%

Conventional (Uninsured) Mortgage Rates

For buyers with a down payment of 20% or more.

Here are today’s best Conventional (Uninsured) mortgage rates in Canada for borrowers with strong credit, based on live offers from Apply Financial’s lender panel as of September 25, 2026:

Term	Interest Rate
1-Year Fixed	5.67%
2-Year Fixed	5.39%
3-Year Fixed	5.22%
4-Year Fixed	5.27%
5-Year Fixed	5.18%
7-Year Fixed	5.49%
10-Year Fixed	5.79%
5-Year Adjustable (ARM)	4.02%

Multi-Family (Conventional) Mortgage Rates

For financing 1-4 unit rental properties.

Here are today’s best Multi-Family (Conventional) mortgage rates in Canada for borrowers with strong credit, based on live offers from Apply Financial’s lender panel as of September 25, 2026:

Term	Interest Rate
1-Year Fixed	5.82%
2-Year Fixed	5.54%
3-Year Fixed	5.47%
4-Year Fixed	5.42%
5-Year Fixed	5.33%
7-Year Fixed	5.64%
10-Year Fixed	5.94%

Not sure how these rates apply to your unique situation? Get started here.

If you’re self-employed, see our guide to Self-Employed Mortgages for how lenders assess non-traditional income.

Financing a duplex, triplex, fourplex, or larger rental property? Compare options in our Multi-Family Mortgages page.

Why is Apply Financial’s rate different from what my bank posted?

Banks post one ‘safe’ rate to show everyone. borrowers with strong credit can find a lender who can do better.

Why don’t you show which lender offers this rate?

At Apply Financial, your identity is hidden from lenders until you select your preferred lender and terms. Only that lender learns your name and contact information. Similarly, our most competitive lenders do not necessarily want to broadcast their best rates to the broader market.

How do I get this rate instead of just reading about it?

The way to find out your exact rate is to let our lenders compete for your unique business. Remember, you stay anonymous to lenders until you choose to move forward.

Frequently Asked Questions

What’s the difference between a fixed and an adjustable (variable) mortgage rate?

A fixed rate stays the same for your entire mortgage term, regardless of rate changes in the mortgage market. With an adjustable or variable rate mortgage, your rate and payment can go up or down during the term.

What’s the difference between an insured and an uninsured mortgage in Canada?

An insured mortgage has a down payment under 20% and is backed by mortgage default insurance which typically qualifies borrowers for a lower mortgage rate. An uninsured (conventional) mortgage has a down payment of 20% or more and isn’t covered by that insurance, so pricing is based on the lender’s own risk assessment.

How does the Bank of Canada’s policy rate affect my mortgage rate?

The Bank of Canada’s overnight rate sets the floor for the prime rate that variable and adjustable mortgages are priced against, so a hold, cut, or hike flows almost immediately into variable pricing. Fixed rates are priced off bond yields, which move on expectations for where the policy rate is headed, so they can shift even between Bank of Canada meetings.

What is a Multi-Family mortgage and how do the rates differ?

Multi-Family mortgages finance properties with multiple rental units and are underwritten against the property’s rental income as well as the borrower’s qualifications. Because lenders treat the income-producing, larger-exposure nature of these properties differently, rates and terms for Multi-Family mortgages typically differ from a standard owner-occupied residential mortgage.

How often do these mortgage rates change?

Rates can change daily based on bond yield movements, lender funding costs, and Bank of Canada announcements. The rates on this page are reviewed regularly — check the “last updated” date at the top of the page, and confirm your exact rate with a mortgage advisor before locking in.

Should I choose a fixed or variable rate in 2026?

It depends on your risk tolerance, how long you plan to hold the mortgage, and your outlook on where rates are headed. A fixed rate offers payment certainty, while a variable rate has historically saved borrowers money over the long run but comes with more short-term uncertainty. Speak with an Apply Financial mortgage specialist to weigh your specific situation.