Refinance mortgage rates

Refinancing can reduce payments or unlock equity, but penalties and fees matter. Compare rates alongside the breakeven timeline.

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Direct answer

What should you know about refinance mortgage rates?

A refinance rate applies when you replace or materially change an existing mortgage, often to access equity, consolidate debt, change the amortization, or lower the payment. The winning option is the one whose savings or strategic benefit exceeds the penalty, appraisal, legal, discharge, and financing costs over a realistic holding period.

Use for: Equity access, debt restructuring, or a material mortgage reset
Calculate: Penalty, fees, new payment, and break-even month
Do not compare as: A purchase rate without transaction costs

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

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

In focus

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

Live rate snapshot

Top matches for this scenario

Showing the first 0 cards from 0 matching rates for Refinance · 5-year fixed · $999,999.

Refinance5-year fixed$999,999

No public rate cards matched this exact scenario yet. Open the full explorer to adjust the filters or talk to a broker for a manual rate search.

Need more filters?

Launch the full rate explorer

Load the full comparison workspace when you want to change occupancy, term, amortization, or compare more cards side-by-side.

Highlights

Rate explorer tuned for refinance scenarios.

Pair with the refinance analyzer to model costs.

Save your scenario to revisit with your broker.

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.

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Frequently asked questions

Do refinance rates differ from purchase rates?

Yes. Refinances can price differently due to insurer rules and risk profiles.

How do I know if refinancing is worth it?

Use a breakeven calculator to compare penalty and fee costs against savings.