Mortgage Rate History

History of Average Variable vs 5 Year Mortgage Rates Since 2003

Since the beginning of 2003, we have aggregated an average of mortgage rates of products qualified for by our Canadian clients on both 5 year and variable rate mortgages. Here is a table spanning over ten years of mortgage rate history:

Year Variable Rate 5 Year Rate Best Rate? Best Over Worst
20203.10%5.08%Variable1.98 percentage points
20193.95%5.27%Variable1.32 percentage points
20183.60%5.27%Variable1.67 percentage points
20172.89%4.77%Variable1.88 percentage points
20162.70%4.66%Variable1.96 percentage points
20152.79%4.67%Variable1.88 percentage points
20143.00%4.89%Variable1.89 percentage points
20133.00%5.23%Variable2.23 percentage points
20123.00%5.27%Variable2.27 percentage points
20113.00%5.39%Variable2.39 percentage points
20102.94%5.32%Variable2.38 percentage points

Posted Mortgage Rates for 1, 3, and 5 Year Terms

Here are the average 1, 3, and 5 year term mortgage rates over the last ten years:

Year 1 Year Rate 3 Year Rate 5 Year Rate Best Rate? Best Over Worst
20203.41%3.94%5.08%1 Year Rate1.67 percentage points
20193.64%4.17%5.27%1 Year Rate1.63 percentage points
20183.47%4.23%5.27%1 Year Rate1.80 percentage points
20173.16%3.48%4.77%1 Year Rate1.61 percentage points
20163.14%3.39%4.66%1 Year Rate1.52 percentage points
20152.97%3.42%4.67%1 Year Rate1.70 percentage points
20143.14%3.69%4.89%1 Year Rate1.75 percentage points
20133.08%3.74%5.23%1 Year Rate2.15 percentage points
20123.18%3.91%5.27%1 Year Rate2.09 percentage points
20113.52%4.29%5.39%1 Year Rate1.87 percentage points
20103.30%4.10%5.32%1 Year Rate2.02 percentage points

Notable Canadian Interest Rate Observations for the Last 10 Years

Average Prime Rate in Canada: 3.10%
Highest Prime Rate observed: 3.95% on Wednesday, October 31st 2018.
Lowest Prime Rate observed: 2.45% on Wednesday, April 1st 2020.

Average 1-Year Fixed Mortgage Rate in Canada: 3.26%
Highest 1-Year Rate observed: 3.7% on Wednesday, April 6th 2011.
Lowest 1-Year Rate observed: 2.89% on Wednesday, February 25th 2015.

Average 3-Year Fixed Mortgage Rate in Canada: 3.83%
Highest 3-Year Rate observed: 4.55% on Wednesday, April 6th 2011.
Lowest 3-Year Rate observed: 3.39% on Wednesday, February 25th 2015.

Average 5-Year Fixed Mortgage Rate in Canada: 5.06%
Highest 5-Year Rate observed: 5.69% on Wednesday, April 6th 2011.
Lowest 5-Year Rate observed: 4.64% on Wednesday, April 8th 2015.

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