As of March 10, 2025, latest mortgage rates in Ontario are as follows:

Fixed-Rate Mortgages:

1-Year Term: Rates range from 4.79% to 5.74%.

2-Year Term: Rates range from 3.99% to 5.19%.

3-Year Term: Rates range from 3.87% to 4.69%.

4-Year Term: Rates range from 4.19% to 4.64%.

5-Year Term: Rates range from 3.89% to 4.59%.

Variable-Rate Mortgages:

5-Year Term: Rates range from 4.04% to 5.35%.

It’s important to note that these rates can vary based on factors such as the lender, the borrower’s credit profile, and the specific terms of the mortgage. For instance, insured mortgages often have lower rates compared to uninsured ones. Additionally, banks may offer special rates for high-ratio mortgages (those with a down payment of less than 20%).

Given the dynamic nature of mortgage rates, it’s advisable to consult with multiple lenders or a mortgage broker to obtain the most current and personalized rates tailored to your financial situation.

We specialize in TD mortgage rates, Scotiabank mortgage rates, First National mortgage rates, RFA mortgage rates, alternatives to A lenders, B2B Bank mortgage rates, and Desjardins mortgage rates. We compare mortgage rates from 40+ lenders to help you find the latest Mortgage rates.

Here are some key steps buyers can take to secure better mortgage rates in Ontario:

1. Improve Your Credit Score
Lenders offer the best rates to borrowers with strong credit. Aim for a score of 680+ by paying bills on time, reducing debt, and avoiding new credit applications before applying for a mortgage.

2. Save for a Larger Down Payment
A higher down payment (20% or more) reduces the lender’s risk and may qualify you for lower rates. It also helps you avoid mortgage default insurance (CMHC fees).

3. Work with a mortgage broker
Different banks and lenders offer different rates. Work with a mortgage broker to compare rates from multiple lenders, including TD, Scotiabank, First National, RFA, B2B Bank, and Desjardins.

4. Consider a Shorter Loan Term
While a 5-year fixed mortgage is common, shorter terms often have lower interest rates. A variable-rate mortgage can also be beneficial in a declining rate environment.

5. Show Stable Income & Employment
Lenders favor borrowers with a steady job and consistent income. If you’re self-employed, keep detailed financial records to prove your income.

6. Lower Your Debt-to-Income Ratio
Pay off existing loans and credit card debt before applying for a mortgage. A lower debt-to-income (DTI) ratio makes you a less risky borrower.

7. Lock in Your Rate at the Right Time
Interest rates fluctuate, so timing is key. Consider securing a pre-approval to lock in a rate before it rises.

Looking to find the lowest mortgage rates for your new purchase or refinance? Call us at 647-238-3798, email info@absoluteexposure.ca, or fill out our form with your details so we can provide you with the best mortgage rate tailored to your needs!