The Bank of Canada held interest rates steady earlier this week, a widely expected move that also signals what will likely be a year of stability for mortgage rates in Canada.
Financial markets have largely priced in expectations that interest rates will stand pat throughout 2026, with some possibility of a rate hike toward the end of the year. The Canada five-year bond yield – which lenders largely base their fixed mortgage rates on – has also remained steady through January, leaving fixed mortgage rates unchanged. Yields have hovered around 2.9 per cent for weeks.
BoC Governor Tiff Macklem said future rate decisions are difficult to predict, given the U.S. government’s increasingly erratic trade and foreign policies.
His comments during a press conference after the central bank’s decision on Wednesday focused on the headwinds facing the Canadian economy, particularly around trade with the United States and President Donald Trump’s threats to expand its territory.
“Uncertainty around our forecast is heightened and the range of possible outcomes is wider than usual,” Mr. Macklem said.
The lowest available fixed mortgage rates remain in the high 3-per-cent range, with three- and five-year terms priced similarly among lenders.
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Mortgage rates are sourced by Ratehub.ca. For a comprehensive list of today’s mortgage rates for each term/type, visit ratehub.ca/best-mortgage-rates.
Ratehub.ca 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 Jan. 29.
