| Country | Rate |
|---|---|
| Canada | 4.450% |
| US | 6.750% |
Find your best mortgage rate and type!
| Type | Length | Rate | APR | |
|---|---|---|---|---|
| Open Variable | 5 Years | 6.750% | 6.777% | Choose Mortgage |
| Closed Variable (insured) | 5 Years | 4.350% | 4.377% | Choose Mortgage |
| Closed Variable (uninsured) | 5 Years | 6.000% | 6.030% | Choose Mortgage |
Open Fixed
| Length | Rate | APR | |
|---|---|---|---|
| 1 Year | 6.990% | 7.123% | Choose Mortgage |
Closed Fixed (Regular)
| Length | Rate | APR | |
|---|---|---|---|
| 6 Month | 6.140% | 6.407% | Choose Mortgage |
| 1 Year | 4.690% | 4.823% | Choose Mortgage |
| 2 Years | 4.590% | 4.657% | Choose Mortgage |
| 3 Years | 4.390% | 4.434% | Choose Mortgage |
| 4 Years | 4.590% | 4.623% | Choose Mortgage |
| 5 Years | 4.490% | 4.517% | Choose Mortgage |
| 7 Years | 5.010% | 5.029% | Choose Mortgage |
| 10 Years | 5.610% | 5.623% | Choose Mortgage |
Closed Fixed (Special)
| Length | Rate | APR | |
|---|---|---|---|
| 6 Month | 6.040% | 6.307% | Choose Mortgage |
| 1 Year | 4.590% | 4.723% | Choose Mortgage |
| 2 Years | 4.490% | 4.557% | Choose Mortgage |
| 3 Years | 4.290% | 4.334% | Choose Mortgage |
| 4 Years | 4.490% | 4.523% | Choose Mortgage |
| 5 Years* | 4.390% | 4.417% | Choose Mortgage |
| 7 Years | 4.910% | 4.929% | Choose Mortgage |
| 10 Years | 5.510% | 5.523% | Choose Mortgage |
Prime Rate
Mortgage Rate Frequently Asked Questions
How do I decide which is the right mortgage for me?
If you need help choosing a mortgage, try our mortgage selector tool! It's a great starting point to find your best mortgage option. You can also reach out to us for help at 1.866.446.7001.
What is the difference between an open vs closed mortgage?
Open mortgages let you make large payments without penalty.
Closed mortgages make budgeting easier since you’ll always know your mortgage payment amount.
What is the difference between a fixed vs variable rate mortgage?
A fixed rate protects against rate increases. Your mortgage rate will remain the same throughout your mortgage term.
A variable rate floats with the Prime rate so that you can take advantage of rate decreases.
How long can I lock in an Innovation pre-approved mortgage rate?
You can lock in your pre-approved mortgage rate for 120 days.
What is a prime rate?
A prime rate, also called a prime lending rate, is a benchmark interest rate that financial institutions use to set rates for variable-rate products, such as variable mortgages, lines of credit, and some loans.
In Canada, each financial institution sets its own prime rate, and it is generally influenced by the Bank of Canada’s overnight rate.
Why are mortgage rates based on the prime rate?
Mortgage rates are based on the prime rate because the prime rate reflects the cost of borrowing for financial institutions. The prime rate serves as a starting point for pricing variable-rate lending.
For variable-rate mortgages, a rate may be shown as prime plus or minus a set percentage, so your mortgage rate is connected to changes in the financial institution’s prime rate.
How are mortgage rates influenced by the prime rate?
When the prime rate changes, variable mortgage rates can move with it. If the prime rate increases, the interest rate on a variable mortgage may increase, which can raise payments or increase the portion of the payment going toward interest.
If the prime rate decreases, the interest rate on a variable mortgage may decrease, which can lower interest costs or reduce payments depending on the mortgage type and terms.
*To qualify for the 5-year insured closed fixed special mortgage rate, mortgages must be insured by a guarantee company such as Canada Mortgage and Housing Corporation, Sagen™ (formerly known as Genworth Canada). Special pricing is only available on residential mortgages with payment frequencies of weekly, bi-weekly, semi-monthly and monthly. Mortgages greater than $1 million, refinances, or for rural locations such as acreages are not eligible for special residential mortgage rates.
Special Rate Mortgage
Residential Mortgages with the following characteristics are not eligible for the special residential mortgage rates:
- The mortgage has a purchase price or as-improved property value greater than or equal to $1 million or
- The mortgage is a refinance (increase of balance or increase of amortization) on a transfer in from another Financial Institution, or on a current Innovation mortgage
- The mortgage is for an acreage or home quarter and qualifies for residential mortgage pricing, or
- The mortgage’s amortization is greater than 25 years.
- The mortgage is for a single unit rental property.
- The borrower is a non-natural person (i.e. Corporate Borrower)
Rates subject to change without notice.
AIR = Annual Interest Rate
APR = Annual Percentage Rate
Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.
Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.
If there are no non-interest finance charges, the AIR and APR will be the same.
APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee
Applicable to residential mortgages only and subject to Innovation Federal Credit Union lending criteria for residential properties. Some conditions apply.
Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.
Learn more about our accounts and services. Review our Account and Fee Information (pdf).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.