Major Canadian lenders held most fixed mortgage rates steady this week, while variable-rate offerings saw selective increases, following broader trends in bond yields and central bank commentary.

Fixed Mortgage Rates Hold Ground

As of May 23, 2025, five-year fixed mortgage rates at top lenders remained largely unchanged, averaging between 4.84% and 5.24%. Some lenders, including HSBC and Tangerine, continue to offer promotional rates as low as 4.79% on insured mortgages.

The stability is attributed to muted bond yield movement over the past week and growing market expectations that the Bank of Canada may hold its policy rate through summer.

Variable Rates See Minor Uptick

Variable-rate mortgages nudged slightly higher among select lenders. National Bank and TD both increased their variable offers by 10 basis points, citing recent volatility in short-term funding costs.

Current variable-rate options now range between 5.55% and 6.10%, with rates on uninsured products trending towards the higher end of that band.

[Insert table: Top 5 lender rate comparisons – Fixed vs Variable, as of May 23, 2025]

Outlook

Economists expect fixed mortgage rates to remain stable in the near term, barring any major shifts in bond yields. The Bank of Canada’s next rate decision is due in mid-June, with markets currently pricing in a pause.

Borrowers approaching renewal or new purchases are encouraged to compare both fixed and variable terms, as lender competition intensifies in the insured mortgage segment.

*This article is part of Mortgage.Expert’s weekly mortgage rate bulletin. All rates are sourced from lender websites and public disclosures as of the time of publishing. Individual rates may vary based on qualification and loan type.*