Today's best fixed and variable rates
8Twelve works with over 65 lenders to get the best rates, even for unique situations. These are our current best available rates.
How do you get the best mortgage rate in Canada?
The best mortgage rate in Canada is the lowest rate you personally qualify for across the whole lender market — not the posted rate at one branch. Rates vary by term, by whether the mortgage is insured, by property type and by your income and credit profile, so two borrowers looking at the same day's rate table can be offered different numbers.
Comparing across a broad lender panel, and weighing the prepayment and penalty terms alongside the rate itself, is what usually produces the lowest real cost over a term.
- 8Twelve compares rates across 65+ Canadian lenders, not one bank's product shelf.
- Most lenders hold an approved rate for 90 to 120 days.
- An initial rate consultation requires no credit check.
- Rates on this page are refreshed daily from live lender feeds.
Best available rates shown are from 8Twelve's lender panel and are subject to your qualification, lender approval, and change without notice. On approved credit (OAC). The best rate for you depends on your individual financial situation, property and lender criteria. Terms and conditions apply. Rates updated daily.
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Why our rates are lower
65+ Lenders
We negotiate with more lenders than any single bank can offer - including credit unions, monoline lenders, and trust companies.
Volume Discounts
Our volume gives us access to rates the public can't get directly. Those savings are passed along to you.
No Branch Costs
Without the overhead of physical branches, our lender partners pass savings on to borrowers through lower rates.
Mortgage rate questions, answered
What is the best mortgage rate in Canada right now?
The best available rate changes daily and depends on the term, whether your mortgage is insured, the property type and how you qualify. The rates shown on this page are the best currently available from 8Twelve's panel of 65+ Canadian lenders and are refreshed every day; your own rate is confirmed once a lender reviews your application.
What is the difference between a fixed and a variable mortgage rate?
A fixed rate is locked for the whole term, so your payment and interest cost are known in advance. A variable rate moves with the lender's prime rate, so it falls when the Bank of Canada cuts and rises when it hikes. Fixed buys certainty; variable has historically cost less on average but carries payment or amortization risk.
Why are broker rates lower than the rate my bank quotes?
A bank can only offer its own products. A brokerage places volume with dozens of lenders — including monolines, credit unions and trust companies that have no branch network — and those lenders price more sharply because they compete purely on rate and terms.
How long can I hold a mortgage rate?
Most Canadian lenders hold an approved rate for 90 to 120 days. If rates fall while your hold is active, lenders will usually re-price you down before closing, so locking early protects you without capping the upside.
Does getting a mortgage quote affect my credit score?
An initial consultation and rate quote require no credit check. A single credit inquiry is pulled when you formally apply, and mortgage inquiries made within a short shopping window are generally treated as one event by Canadian credit bureaus.
Is the lowest rate always the best mortgage?
Not always. Prepayment privileges, penalty calculations, portability and whether the mortgage is a collateral charge can cost or save you more than a small rate difference — particularly if you may break the term early. Compare the terms alongside the rate.
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