Today's fixed vs variable mortgage rates

Choosing between fixed and variable rates depends on your timeline, risk tolerance, and cash flow stability.

Use the rate explorer and the rate comparison calculator to model both paths.

Direct answer

What should you know about today's fixed vs variable mortgage rates?

Fixed rates prioritize payment certainty; variable rates prioritize prime-linked flexibility and expose the borrower to rate movement. The better choice depends on cash-flow resilience, time horizon, likely early-exit events, penalty risk, and the actual spread available for the same borrower scenario—not a prediction about rates alone.

Choose fixed for: Payment certainty and easier budgeting
Choose variable for: Rate-change tolerance and potential flexibility
Model both: Payment shock, penalties, and likely holding period

Canadian mortgage rate decision centre

One headline rate cannot describe seven different mortgage decisions.

Start with the real transaction, then move between pricing, calculators, product rules, and broker guidance without losing the assumptions that make the comparison valid.

Rate path 01

Start with the file

Which rate table matches the mortgage you actually need?

Set the transaction, occupancy, down payment or equity, amortization, term, and rate type before comparing lenders or headline pricing.

Build a live rate scenario

Rates overview Model the payment How pricing works

Rate path 02

Term and rate type

In focus

Do you need payment certainty, flexibility, or a shorter decision window?

Compare fixed and variable behaviour, likely holding period, payment shock, penalty risk, and the actual rate spread for the same borrower scenario.

Compare fixed and variable pricing

Fixed rates Variable rates Stress-test both

Rate path 03

Down payment and insurance

Is the pricing insured, insurable, or uninsured?

Match the rate to loan-to-value, purchase price, amortization, occupancy, and transaction rules; an insured headline is not a universal quote.

Review insured pricing

Uninsured rates Calculate the premium Understand eligibility

Rate path 04

Mortgage maturity

Should you stay, switch lenders, or restructure at renewal?

Separate a simple renewal from a lender switch or refinance, then compare rate, term, features, qualification, transfer costs, and future flexibility.

Compare renewal rates

Plan the renewal Compare the offers

Rate path 05

Change the mortgage

Does the refinance benefit exceed every cost of changing the loan?

Price the new mortgage against the penalty, legal and appraisal costs, equity use, payment change, term risk, and a realistic break-even date.

Compare refinance rates

Build the refinance plan Find the break-even Estimate the penalty

Rate path 06

Revolving equity

Is a HELOC better than amortizing the new borrowing?

Compare prime-based pricing, approved limit, repayment discipline, readvanceable structure, registration, fees, and the refinance alternative.

Compare HELOC rates

Understand HELOCs Model equity access

Rate path 07

Investment property

Does the rental qualify and cash-flow under the same lender assumptions?

Compare rental-income treatment, expenses, down payment, property type, amortization, portfolio policy, rate, and exit flexibility as one investment decision.

Compare rental mortgage rates

Plan the financing Test qualification Review DSCR

Compare rates in the explorer

Use the live rate explorer to filter by term, rate type, and scenario details.

Open rate explorer Save a comparison

Highlights

Side-by-side comparison of stability vs flexibility.

Use calculators to stress test both options.

Create a free account to save the comparison.

Source file

Reviewed rate context

This page is maintained by Pragmatic Mortgage Lending for Canadian borrowers comparing rate categories, lender fit, and product trade-offs. Rate tables can change without notice, so final advice still depends on the live lender file and approval conditions.

Reviewed by the Pragmatic Mortgage Lending broker team. Updated July 16, 2026.

Save and compare rates

Create a free account to save this scenario, compare offers, and start a secure application.

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Frequently asked questions

Is a lower rate always better?

Not always. Penalties and features can change the real cost.

Can I hedge with a hybrid mortgage?

Yes. Some borrowers split a mortgage into fixed and variable portions.