6 days ago
The best fixed and variable mortgage rates for this week
Market expectations for an interest-rate cut by the Bank of Canada have been consistently dropping ahead of the central bank's rate decision next week, meaning that variable-rate mortgage holders may not get the lower rates they hoped for.
Earlier in the month, markets had priced in a 60-per-cent chance of a 25-basis-point cut after a federal jobs report came in weaker than expected. (There are 100 basis points in a percentage point.)
Today, the odds are just 75 per cent of a rate hold when the BoC announces its interest-rate decision on June 4, largely because of concerning inflation numbers that came out later in May.
Making a strategic choice of whether to go with a variable or fixed rate can be challenging at the best of times, but the way market sentiment has changed in just a few weeks shows how fickle it really can be.
Earlier in the year, there were solid expectations of three more 25-basis-point cuts by the end of 2025. Now economists say there could be just one or two cuts.
Variable-rate mortgages are generally only one rate cut away from being cheaper than a five-year fixed mortgage. But variable rates come with risk, and a potential mortgage holder has to consider whether they have the capacity to handle unexpected rate increases, and whether they can have peace of mind with that level of uncertainty.
Mortgage rates are sourced by For a comprehensive list of today's mortgage rates for each term/type, visit
is a mortgage-rate comparison marketplace and mortgage brokerage. It helps millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products.
Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on May 29.
