Mortgage rates
Today's Niagara Mortgage Rates
Indicative broker rates for insured, insurable, uninsured, credit-union, alternative and private mortgages in the Niagara Region, with a plain explanation of how each tier is priced and what moves your own rate.
Reviewed November 13, 2026 · Indicative figures, OAC
This week's indicative rates
Rates below are indicative broker benchmark rates for the week of November 13, 2026. They are on approved credit (OAC), change daily, and the rate you are offered depends on your down payment, the property and your file. A rate hold of up to 120 days, lender-dependent, protects you while you shop or wait for a closing.
- Bank of Canada policy rate
- 2.50%
- Prime rate
- 4.70%
- Insured 5-year fixed
- 4.29%
- Insured 5-year variable
- 3.65%
| Rate tier | 3-yr fixed | 5-yr fixed | 5-yr variable |
|---|---|---|---|
| High-ratio insuredUnder 20% down, CMHC / Sagen / Canada Guaranty | 4.39% | 4.29% | 3.65% |
| Insurable20%+ down, purchase or switch, up to $1.5M | 4.49% | 4.39% | 3.75% |
| Uninsured (conventional)Refinances, $1.5M+, most rentals | 4.64% | 4.54% | 3.95% |
| Ontario credit-union tierProvincially regulated lenders | 4.74% | 4.69% | 4.10% |
| Alternative "B" lender1–2 year terms typical, fees disclosed | 5.49%–6.99% | — | Prime + 0.50–2.00 |
| Private / MIC1-year, interest-only, fees disclosed | 8.99%–12.99% | — | — |
Indicative benchmark rates for qualified borrowers, OAC. Rates change daily and depend on credit, property, amortization and loan size. Big-6 posted 5-year fixed for penalty math: 6.09%. Not a commitment to lend.
How each tier works
High-ratio insured
Less than 20% down, so the mortgage must carry default insurance from CMHC, Sagen or Canada Guaranty. Because the insurer backs the loan, lenders price it lowest: 4.29% on a 5-year fixed and prime − 1.05 (3.65%) on a 5-year variable. You pay for that through the premium, 2.80% to 4.00% of the loan, plus 8% Ontario PST in cash at closing.
Insurable
20% or more down on a purchase or straight switch, price under $1.5 million, within insurable amortization limits. The lender can insure the loan in bulk at its own cost, so you pay no premium and still get a near-insured rate (4.39% 5-year fixed).
Uninsured or conventional
Refinances, purchases of $1.5 million or more, and rentals bought with 20% or more down cannot be insured, so they price higher (4.54% 5-year fixed).
Ontario credit unions
Slightly higher posted benchmarks (4.69% 5-year fixed), but provincially regulated and not bound by OSFI B-20. Some offer qualifying at the contract rate or extended ratios on certain products, and some are more flexible on rural and unusual properties.
Alternative and private
Alternative "B" lenders (5.49%–6.99%, usually 1–2 year terms) serve self-employed borrowers, bruised credit and higher debt ratios. Private lenders and mortgage investment corporations (8.99%–12.99% plus fees, 1-year, interest-only) lend mainly on equity. Both usually carry a broker fee and a lender fee, disclosed in writing before you commit.
How lenders set rates
Fixed rates follow bond yields. Lenders fund 5-year fixed mortgages roughly in line with the Government of Canada 5-year bond yield, plus a spread for funding costs, risk and margin. When bond yields climb, fixed rates usually follow within days, even if the Bank of Canada has not moved.
Variable rates follow prime. A variable rate is quoted as prime plus or minus a set amount. Prime moves with the Bank of Canada's policy rate; the Bank's latest move raised it from 2.25% to 2.50%, putting prime at 4.70%. An insured variable at prime − 1.05 is therefore 3.65%, and every 0.25% change in prime moves it by the same amount.
Posted rates are a different number. Big-bank posted rates (6.09% for a 5-year fixed) are rarely what anyone pays, but they matter: most big banks use them to calculate interest rate differential penalties.
Worked example: the same $500,000 mortgage in each tier
A $500,000 balance over 25 years, using semi-annual compounding (i = (1 + r/2)1/6 − 1) and each tier's 5-year rate. Eligibility differs by tier; this isolates what the rate alone costs.
| Tier | Rate | Monthly payment | Interest over 60 months |
|---|---|---|---|
| Insured 5-year fixed | 4.29% | $2,709.29 | $99,999.49 |
| Insurable 5-year fixed | 4.39% | $2,736.87 | $102,390.96 |
| Uninsured 5-year fixed | 4.54% | $2,778.49 | $105,981.80 |
| Credit-union 5-year fixed | 4.69% | $2,820.42 | $109,576.81 |
| B-lender (low end) | 5.49% | $3,049.05 | $128,813.87 |
The 0.25% gap between insured and uninsured is worth about $5,982 of interest over five years. A 5-year variable at 3.65% would start at about $2,536.10 a month, and each 0.25% rise in prime adds about $67 a month.
What changes your rate
- Down payment and insurance. Under 20% down usually gets the lowest rate; 20% or more on a purchase gets insurable pricing.
- Purpose. Purchases and straight switches price better than refinances, which are always uninsured.
- Property. Rentals, rural homes with wells, septic or cisterns, and larger acreage can price higher or narrow your lender list.
- Credit and income. A lower credit score, a recent consumer proposal, or income a bank cannot verify the usual way can move a file from A to B pricing.
- Term and product. 3-year and 5-year terms price differently; features like full portability or a HELOC component can cost a little more.
- Timing. A longer rate hold or a quick close can change what a lender offers.
Test a rate on a real Niagara purchase
Use the calculator to plug any rate from the board into a purchase in your municipality, with insurance, PST, land transfer tax and property tax included.
Rate guides
- Insured vs insurable vs uninsured: why less than 20% down gets a lower rate.
- Fixed vs variable in Niagara: 3-year fixed, 5-year fixed and 5-year variable compared.
- Big 6 banks vs a mortgage broker: posted rates, discounts and penalties.
- Monoline lenders vs Ontario credit unions: who suits which borrower.
- The IRD penalty guide: posted-rate vs contract-rate method.
- A-lender vs B-lender vs private: rates, fees and disclosure.
- 30-year amortization rules: who qualifies and the payment math.
- Land transfer tax and closing costs: brackets, the $4,000 refund and PST.
- Stress test and GDS/TDS guide: how qualification works.
Frequently asked questions
Why is an insured mortgage cheaper than one with 20% down?
With less than 20% down, the mortgage is backed by a government-backed default insurer, so the lender's risk and funding cost are lower. The borrower pays for this through the insurance premium of 2.80% to 4.00% of the loan, plus 8% Ontario PST on the premium in cash.
What is the prime rate in Canada right now?
Prime is 4.70%, following the Bank of Canada's increase of its policy rate from 2.25% to 2.50%. Variable mortgage rates are priced from prime; an insured 5-year variable at prime − 1.05 is 3.65%.
Are these rates guaranteed?
No. They are indicative broker benchmark rates, on approved credit, and they change daily. Your rate depends on your down payment, credit, income, property and purpose. A rate hold of up to 120 days, depending on the lender, can protect a quoted rate while you shop.
What makes fixed rates go up when the Bank of Canada has not moved?
Fixed rates track Government of Canada bond yields, mainly the 5-year yield, plus a lender spread. Bond yields react to inflation data and markets every day, so fixed rates can rise or fall between Bank of Canada announcements.
What rate do I qualify at?
At federally regulated lenders, the higher of 5.25% or your contract rate plus 2.00%. A 4.29% contract rate qualifies at 6.29%; a 3.65% variable qualifies at 5.65%.
Pre-approval & rate review
Get your Niagara mortgage numbers checked
Tell us where you are buying or what you owe. We reply by email, usually within one business day, with options from across the lender tiers.
- A licensed advisor reviews your numbers against A-lenders, Ontario credit unions and alternative lenders.
- Rate holds of up to 120 days on purchases and renewals (lender-dependent).
- On prime files the lender pays the brokerage, so there is no fee to you; any fee on alternative or private files is disclosed in writing first.
- Nothing goes to a lender or credit bureau until you say so.
Prefer email? Write to hello@mortgageniagara.com.