Insurable Mortgage Rates in Canada
The best insurable mortgage rate in Canada today is 4.54% on a 5-year fixed and 3.50% on a 5-year variable. Buyers and renewers with 20% or more down or equity, on an owner-occupied home under $1.5M, amortized over 25 years or less.
Which shelf are you actually shopping? Enter the numbers and we will filter the board to the rates you can really get.
Loan-to-value 90.0% · insured
Under 20% down, so default insurance is mandatory and the premium is added to the mortgage.
Lenders ask our rates only be disclosed to potential borrowers.
Login to browse all lender rates & offers for each term by program choice.
| Lender | Term | Category | Rate | APR | |
|---|---|---|---|---|---|
| Insurable lender Sign in to see the lender | 1 yr fixed | Insurable ≤74% | 4.74% | — | Get this rate |
| Sign in to reveal | 1 yr fixed | Insurable ≤80% | 4.74% | — | Get this rate |
| Sign in to reveal | 1 yr fixed | Insurable ≤80% | 4.74% | — | Get this rate |
| Insurable lender Sign in to see the lender | 2 yr fixed | Insurable ≤80% | 4.49% | — | Get this rate |
| Sign in to reveal | 2 yr fixed | Insurable ≤80% | 4.49% | — | Get this rate |
| Sign in to reveal | 2 yr fixed | Insurable ≤65% | 4.54% | — | Get this rate |
| Exclusive Lender Exclusive | 3 yr fixed | Insurable ≤80% | 4.39% | — | Get this rate |
| Sign in to reveal | 3 yr fixed | Insurable ≤80% | 4.49% | — | Get this rate |
| Sign in to reveal | 3 yr fixed | Insurable ≤80% | 4.54% | — | Get this rate |
| Insurable lender Sign in to see the lender | 3 yr variablePrime − 0.40% | Insurable ≤80% | 4.05% | — | Get this rate |
| Sign in to reveal | 3 yr variablePrime − 0.40% | Insurable ≤80% | 4.05% | — | Get this rate |
| Sign in to reveal | 3 yr variablePrime − 0.25% | Insurable ≤75% | 4.20% | — | Get this rate |
| Exclusive Lender Exclusive | 4 yr fixed | Insurable ≤80% | 4.54% | — | Get this rate |
| Sign in to reveal | 4 yr fixed | Insurable ≤80% | 4.64% | — | Get this rate |
| Sign in to reveal | 4 yr fixed | Insurable ≤74% | 4.69% | — | Get this rate |
| Exclusive Lender Exclusive | 5 yr fixed | Insurable ≤80% | 4.54% | — | Get this rate |
| Sign in to reveal | 5 yr fixed | Insurable ≤80% | 4.64% | — | Get this rate |
| Sign in to reveal | 5 yr fixed | Insurable ≤80% | 4.64% | — | Get this rate |
| Exclusive Lender Exclusive | 5 yr variablePrime − 0.95% | Insurable ≤65% | 3.50% | — | Get this rate |
| Sign in to reveal | 5 yr variablePrime − 0.85% | Insurable ≤65% | 3.60% | — | Get this rate |
| Sign in to reveal | 5 yr variablePrime − 0.81% | Insurable ≤80% | 3.64% | — | Get this rate |
| Exclusive Lender Exclusive | 7 yr fixed | Insurable ≤80% | 5.14% | — | Get this rate |
| Sign in to reveal | 7 yr fixed | Insurable ≤80% | 5.24% | — | Get this rate |
| Sign in to reveal | 7 yr fixed | Insurable ≤65% | 5.24% | — | Get this rate |
| Exclusive Lender Exclusive | 10 yr fixed | Insurable ≤80% | 5.24% | — | Get this rate |
| Sign in to reveal | 10 yr fixed | Insurable ≤80% | 5.34% | — | Get this rate |
| Sign in to reveal | 10 yr fixed | Insurable ≤65% | 5.34% | — | Get this rate |
No rates match that combination. Widen the filters — and remember the board is what we could verify this week, not every rate that exists.
Please Note: Some conditions may apply. Rates may vary from Province to Province. Rates are subject to change without notice. Posted rates may be high ratio and/or quick close, which differs from conventional rates. The mortgage rates are provided as guidance only, and the accuracy of these rates is not guaranteed. The rate provided by any financial institution listed, or any approval or decline you receive, will be based solely on your personal situation. You are strongly encouraged to speak with a licensed mortgage professional for the most accurate information and determine your eligibility.
Rates are the lowest we have collected for each combination and are not an offer or a commitment to lend by anyone. Every payment on this site uses semi-annual compounding, the Canadian standard.
Who qualifies for insurable mortgage rates
Buyers and renewers with 20% or more down or equity, on an owner-occupied home under $1.5M, amortized over 25 years or less.
Why the insurable shelf is priced the way it is
You pay no premium, but the lender can still buy portfolio (bulk) insurance on the file behind the scenes, so it prices between insured and uninsured — tiered by loan-to-value, with 65% and under the cheapest tier.
Insured vs insurable vs uninsured
Under 20% down
You put less than 20% down and default insurance is on the file. The lender carries no loss exposure, so these are the lowest rates on the board — but the premium is added to your mortgage.
20%+ down, up to $1.5M property value, 25-year amortization
You put 20% or more down and the file fits portfolio-insurance rules, so the lender can back-end bulk insure it at its own cost — on property values up to $1.5M. Priced between insured and uninsured, and tiered by loan-to-value.
Refinances, $1.5M+, 30-year amortization, rentals
The lender keeps the full risk: refinances, properties above $1.5M, amortizations past 25 years, and rentals. Rates sit highest here, typically 20 to 40 basis points above insured.
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Fixed vs variable: how to choose with your own numbers
Both are on the board above. The cheaper headline rate is not the same as the cheaper mortgage, because the two differ in what happens next and in what it costs to get out.
| Fixed rate | Variable rate | |
|---|---|---|
| Your payment | Identical every month for the whole term. | Moves with prime. Depending on the product the payment changes, or the payment holds and the split between principal and interest changes. |
| If rates fall | You keep paying the rate you signed. Benefiting means breaking the mortgage and paying to do it. | You pay less, automatically, from the next payment. |
| If rates rise | Nothing changes until renewal. | You pay more. The whole increase lands on you. |
| Cost to break early | The greater of three months’ interest or the interest rate differential — which on a fixed mortgage can run to tens of thousands. | Usually three months’ interest. This is the most under-rated difference between the two. |
| Best for | A fixed budget, a tight debt-service ratio, or anybody who would lose sleep over a payment that moves. | A borrower with room in the budget to absorb an increase, and one who may sell, move or refinance before the term is up. |
Both are qualified at the stress-test rate — the higher of your contract rate plus 2% or 5.25% — so choosing variable does not let you borrow more.
Insurable mortgage questions
What is the difference between insured and insurable?
Insured means you paid the premium because you put less than 20% down. Insurable means you put 20% or more down but the file still fits the insurers' rules, so the lender can insure it in bulk at its own cost. Insured prices lowest, insurable next, uninsured highest.
Why does 20% down sometimes get a worse rate than 15%?
Crossing 20% moves the file from insured to insurable. The premium disappears, but so does the lender's risk transfer, and the rate rises to reflect it. Between roughly 15% and 20% down it is worth running both.
What are the insurable tiers?
Lenders price insurable files by loan-to-value: 80%, 75%, 70% and 65% and under, each a little cheaper than the last, because the insurer's bulk premium falls with the LTV.
Is a variable rate cheaper than a fixed rate?
Sometimes, and only in hindsight. A variable rate starts lower often enough, but what you pay over the whole term depends on where prime goes. The more reliable difference is the cost to break: a fixed mortgage is usually far more expensive to exit early.
Does choosing a variable rate let me borrow more?
No. Both are qualified at the stress-test rate — the higher of your contract rate plus 2% or 5.25% — so your maximum does not change.
Why is a 3-year rate sometimes higher than a 5-year?
Because terms are priced on what the market expects rates to do, not on length. When a fall is expected, lenders price short terms above long ones.
What is the difference between the term and the amortization?
The term is how long the contract and the rate are locked — typically one to five years. The amortization is how long the whole mortgage takes to repay, typically 25 years. You will sign several terms over one amortization.
Sources and how to read this board
Rates are collected from lender rate sheets and checked by the RateShop rate desk; the board's own as-of date is printed on it. The rules the shelves follow are set by OSFI Guideline B-20 (the qualifying rate and stress test), the Department of Finance mortgage insurance rules ($1.5M price cap, 25-year amortization on insured files) and the three insurers — CMHC, Sagen and Canada Guaranty. Variable rates move with the Bank of Canada policy rate, through prime.
The math is free. Acting on it is the point.
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
