Find the best current mortgage rates in Ontario to ensure you are receiving the best deal. Locking in a good mortgage rate will help reduce your monthly mortgage payment increasing the affordability of your monthly mortgage payment.
The average home price in Ontario is $859,645 across all home types in 2025. If you are a first-time homebuyer in Ontario locking in a good mortgage rate could be the difference in being able to afford a home in Ontario.
Compare Today’s Best Mortgage Rates in Ontario
Looking for the most competitive mortgage rates in Ontario? Below you’ll find live, up-to-date rates from top lenders, helping you make an informed decision whether you’re buying a home, renewing, or refinancing.
Why Compare Mortgage Rates in Ontario?
Comparing mortgage rates can save you thousands over the life of your loan. Ontario’s housing market is dynamic, and rates can change frequently. By checking the latest rates, you can secure the best deal for your situation.
Types of Mortgage Rates Available
- Fixed Mortgage Rates: Lock in your rate for a set term, providing stability and predictable payments.
- Variable Mortgage Rates: Rates fluctuate with the market, which can mean lower payments if rates drop.
- Open vs. Closed Mortgages: Open mortgages offer flexibility to pay off your loan early, while closed mortgages typically have lower rates.
How Are Ontario Mortgage Rates Set?
Mortgage rates in Ontario are influenced by:
- The Bank of Canada’s policy rate
- Lender competition
- Your credit score and down payment
- The type and term of the mortgage
Frequently Asked Questions
What is the average mortgage rate in Ontario right now?
Mortgage rates change daily, but you can always find the latest rates in the above mortgage rate table. This allows you to quickly compare the best mortgage rates in Ontario.
How do I qualify for the best mortgage rate?
Maintain a good credit score, save for a larger down payment, and compare offers from multiple lenders.
Should I choose a fixed or variable rate?
Fixed rates offer stability, while variable rates may be lower but can change over time. Consider your risk tolerance and financial goals.
Tools and Resources
These other tools and resources are great to help assist you in your mortgage journey.