RateLens, Daniel De Sousa, Mortgage Associate, Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage

Bank of Canada

The Bank of Canada interest rate

The policy rate doesn't set your mortgage rate. It sets prime, prime sets variable mortgages, and fixed mortgages follow the bond market instead. Here's what that means for your payment.

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Today's 5-year fixed

Featured rate
Rate
4.09%
APR
4.14%
Payment on $500,000
$2,655
You’d be qualified at
6.09%
Rate hold
120 days

Rates as of September 21, 2026 at 9:00 a.m. MT, subject to change without notice. O.A.C. Payment assumes a 25-year amortization with monthly payments and excludes property taxes, heat and condominium fees.

Rates as of September 21, 2026 at 9:00 a.m. MT

More than 24 hours old

Prime 4.45% · policy rate 2.25% (held September 2, 2026)

Compare it with our other published rates

We calculate every payment ourselves, on $500,000 over 25 years. The qualifying column is the greater of the contract rate plus 2 percentage points or 5.25%.

15 rates

  • 10 year fixed

    uninsured
    Rate
    5.09%
    APR
    5.14%
    Payment on $500,000
    $2,934
    You’d qualify at
    7.09%
    Hold this rate

  • 5 year fixed

    insured
    Rate
    3.89%
    APR
    3.94%
    Payment on $500,000
    $2,600
    You’d qualify at
    5.89%
    Hold this rate

  • 5 year fixed

    insurable
    Rate
    3.99%
    APR
    4.04%
    Payment on $500,000
    $2,627
    You’d qualify at
    5.99%
    Hold this rate

  • 5 year fixed

    uninsured
    Rate
    4.09%
    APR
    4.14%
    Payment on $500,000
    $2,655
    You’d qualify at
    6.09%
    Hold this rate

  • 5 year variable

    insured
    Rate
    3.55%
    APR
    3.60%

    Prime − 0.90%

    Payment on $500,000
    $2,517
    You’d qualify at
    5.55%
    Hold this rate

  • 5 year variable

    uninsured
    Rate
    4.20%
    APR
    4.25%

    Prime − 0.25%

    Payment on $500,000
    $2,695
    You’d qualify at
    6.20%
    Hold this rate

  • 4 year fixed

    insured
    Rate
    3.94%
    APR
    3.99%
    Payment on $500,000
    $2,614
    You’d qualify at
    5.94%
    Hold this rate

  • 4 year fixed

    uninsured
    Rate
    4.19%
    APR
    4.24%
    Payment on $500,000
    $2,682
    You’d qualify at
    6.19%
    Hold this rate

  • 3 year fixed

    insured
    Rate
    3.79%
    APR
    3.84%
    Payment on $500,000
    $2,574
    You’d qualify at
    5.79%
    Hold this rate

  • 3 year fixed

    uninsured
    Rate
    4.04%
    APR
    4.09%
    Payment on $500,000
    $2,641
    You’d qualify at
    6.04%
    Hold this rate

  • 2 year fixed

    insured
    Rate
    4.24%
    APR
    4.29%
    Payment on $500,000
    $2,696
    You’d qualify at
    6.24%
    Hold this rate

  • 2 year fixed

    uninsured
    Rate
    4.49%
    APR
    4.54%
    Payment on $500,000
    $2,765
    You’d qualify at
    6.49%
    Hold this rate

  • 1 year fixed

    insured
    Rate
    4.74%
    APR
    4.79%
    Payment on $500,000
    $2,834
    You’d qualify at
    6.74%
    Hold this rate

  • 1 year fixed

    uninsured
    Rate
    4.99%
    APR
    5.04%
    Payment on $500,000
    $2,905
    You’d qualify at
    6.99%
    Hold this rate

  • HELOC

    uninsured
    Rate
    5.95%
    APR
    5.95%

    Prime + 1.50%

    Payment on $500,000
    —
    You’d qualify at
    7.95%
    Hold this rate

Rates shown are current as of September 21, 2026 at 9:00 a.m. MT and are subject to change without notice. Rates are available on approved credit (O.A.C.) only, are subject to the terms and conditions of the applicable lender, and may vary based on your credit history, income, down payment or equity, loan-to-value, property type and location, occupancy, amortization, and whether the mortgage is insured, insurable or uninsured.

Annual percentage rates (APR) shown assume a mortgage amount of $500,000, an amortization of 25 years with monthly payments, and include no lender or brokerage fees. Fixed rates are compounded semi-annually, not in advance, as required under section 6 of the federal Interest Act; variable rates are compounded monthly. Payment figures exclude property taxes, heating, condominium fees and default insurance premiums unless stated. Insured rates require mortgage default insurance and are available only on qualifying transactions.

Rates may contain errors or omissions and do not constitute an offer of credit, a rate hold or a pre-approval. Not all applicants will qualify. Contact Daniel De Sousa, Mortgage Associate, to confirm the rate available to you. Daniel De Sousa is licensed by the Real Estate Council of Alberta (RECA) and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.

What the policy rate controls

The Bank of Canada's policy interest rate (the target for the overnight rate) is the rate at which major financial institutions lend to each other overnight. It anchors short-term borrowing costs across the economy, and lenders set their prime rates in reference to it, historically about 2.2 percentage points above.

A policy change moves prime within a day or two, and prime moves every variable mortgage and every HELOC in the country. It doesn't move a fixed rate you've already signed, and it only indirectly affects the fixed rates offered to new borrowers.

Why fixed rates sometimes move before an announcement

Fixed mortgage rates are priced off Government of Canada bond yields, and the bond market prices in expectations ahead of announcements. By the time a cut is confirmed, the bond market has usually been trading on it for weeks and fixed rates have already adjusted.

That's why waiting for an announcement to lock a fixed rate rarely works. A rate hold, which costs nothing and can be improved if rates fall, does the same job without the guessing.

The Bank announces on 8 scheduled dates a year

The Bank announces on 8 fixed dates each year. Between them, it moves only in extraordinary circumstances. Each announcement comes with a statement, and 4 of the 8 come with a full Monetary Policy Report, where the Bank explains its reasoning at length.

If you're within 120 days of a renewal, the announcement calendar is worth knowing. Otherwise it matters less, because a rate hold protects you either way.

Get an email when this rate moves

Pick a target and we’ll email you when our published rate reaches it, or every time it changes. Daniel can also check what lenders are charging today for a file like yours. Renewing? Plan your renewal

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Today’s 5-year fixed, uninsured rate is 4.09% (4.14% APR), as of September 21, 2026 at 9:00 a.m. MT. We’ll email you when it moves.

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Rate history

Rate history from verified snapshots only

This chart uses our own published rate board, month by month. None of those monthly snapshots has been approved for publication yet, so the chart stays empty until one is. Ask Daniel for current offers and the history behind them.

Policy rate

Bank of Canada and prime

Variable rates move with your lender's prime rate, and prime moves with the Bank of Canada's policy rate. Fixed rates follow the bond market instead, which usually moves first.

When the Bank holds, variable payments stay where they are. A cut lowers a variable payment. On a fixed-payment variable product, the payment stays the same and more of it goes to principal. Neither changes a fixed rate you’ve already signed. If you’re within 120 days of a renewal, keep an eye on these announcement dates.

See past Bank of Canada decisions
Policy rate
2.25%
Held September 2, 2026
Prime rate
4.45%
As of September 15, 2026
Next scheduled announcement
October 28, 2026

 

Questions about these rates

Does the Bank of Canada set mortgage rates?
No. It sets the policy rate, which lenders use as the reference for their prime rates. Prime sets variable mortgages and HELOCs. Fixed mortgage rates are priced off Government of Canada bond yields and can move in the opposite direction to the policy rate.
What happens to my mortgage if the Bank cuts?
If you have an adjustable-payment variable, your payment falls. If you have a fixed-payment variable, the payment stays the same and more of it goes to principal. If you have a fixed rate, nothing changes until your term ends.
How is prime different from the policy rate?
Prime is each lender's own posted reference rate for variable lending. It's set in reference to the Bank's policy rate but isn't controlled by it. Lenders have sometimes moved prime by a different amount than the Bank moved the policy rate, which is why your mortgage documents refer to your lender's prime.

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