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Broker Mortgage Rates
Rates updated:
- No Results
| Provider | 5 Year variable | 5 Year fixed | 3 Year fixed |
|---|---|---|---|
Best market rate | 4.85% Prime -1.10% | 3.99% | 4.09% |
5.80% Prime -0.15% | 4.44% | 4.99% |
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Broker Rates: Frequently asked questions
Should you consider a mortgage broker?
Mortgage brokers can give you access to a range of mortgage providers, which helps make sure you don't miss out on the best rate.
The difference between bank rates vs. broker rates
Mortgage brokers aren't lenders, like the banks are. Instead, they provide an origination service, with the mortgage loan serviced by a traditional lender such as one of the major Canadian banks. Instead, brokers are a distribution channel for lenders to reach consumers like you.
Brokers often post lower mortgage rates than banks because they have access to multiple lenders and products and can ‘shop around’. Brokers also exploit their bargaining power to achieve volume discounts.
How do I compare broker mortgage rates?
Mortgage brokers offer all types of mortgage rates, although they may choose to compete in certain categories. For instance, a broker may focus on offering a low 5-year fixed mortgage rate at the expense of a higher 5-year variable rate. Deciding on what type of rate interests you will guide you to the most competitive broker in your desired category. If you like the stability of fixed payments, you may choose to go with Broker A, while Broker B may offer a lower variable rate for individuals who are open to interest rate fluctuations.
Do I need to compare pre-payment options?
Although the lowest mortgage rate is important, it is recommended you compare pre-payment options as well. Pre-payment options outline the flexibility you have to make extra payments towards your mortgage without penalty. If the option to pay off your mortgage faster than intended is of value to you, you should take that into account with your mortgage rate selection.
What is a rate hold?
A rate hold is the number of days before your mortgage renewal date you can lock in the current mortgage rate. If rates rise, you are protected, and if rates fall, your lender will typically honour the lower rate.
Let us help you determine which rate best suits your individual needs by answering a few short questions about your home and financial history.
Want to learn more? Check out our comprehensive education centre
About Ratehub.ca
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.
Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
How are CanWise Financial and Ratehub.ca connected?
We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.
We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.