The Bank of Canada offers something called the overnight rate which is the rate at which banks can borrow money from the central bank overnight. The current overnight rate is 1.75%.

But that’s just the overnight rate. The average interest rate Canadians are actually paying on their mortgages is much higher. According to the latest data from the Bank of Canada the average 5-year fixed mortgage rate is 3.14%. And the average variable rate is 2.85%.

Of course these averages don’t reflect what everyone is paying. Mortgage rates can vary a lot depending on the type of mortgage you get your credit score and the size of your down payment. For example if you have a good credit score and a small down payment you could get a 5-year fixed mortgage for 2.5% or even lower.

But if you have a bad credit score or a big down payment you could end up paying much more than the averages. In fact some people with bad credit have to pay mortgage rates of 10% or even higher.

The good news is that mortgage rates in Canada are still historically low. So even if you do have to pay a higher rate than average it’s probably still lower than it would have been a few years ago.

And if you’re looking to save money on your mortgage there are a few things you can do. For example you can try to get a lower rate by shopping around to different lenders or by negotiating with your current lender.

You can also try to save money by making extra payments on your mortgage. That way you’ll pay off your mortgage faster and pay less interest overall.

Whatever you do remember that the interest rate you pay on your mortgage is just one factor that affects how much your home costs you. The other big factor is the size of your down payment. So if you can afford to make a bigger down payment you could end up saving a lot of money in the long run.

What is the current overnight interest rate in Canada?

1.

75%

What is the current interest rate on a 5-year fixed term mortgage in Canada?

5.

14%

What is the current interest rate on a 10-year fixed term mortgage in Canada?

5.

34%

What is the current interest rate on a 20-year fixed term mortgage in Canada?

5.

54%

What is the current interest rate on a 30-year fixed term mortgage in Canada?

5.

64%

What is the average interest rate for a savings account in Canada?

0.

5%

What is the average interest rate for a checking account in Canada?

0.

25%

What is the current prime interest rate in Canada?

3.

95%

What is the current rate for a 3-month Treasury Bill in Canada?

1.

59%

What is the current rate for a 6-month Treasury Bill in Canada?

1.

67%

What is the current rate for a 1-year Treasury Bill in Canada?

1.

75%

What is the current rate for a 2-year Treasury Note in Canada?

1.

84%

What is the current rate for a 3-year Treasury Note in Canada?

1.

91%

What is the current rate for a 5-year Treasury Note in Canada?

2.

04%

What is the current rate for a 10-year Treasury Note in Canada?

2.

21%