Interest rates in Canada
The Bank of Canada's policy rate is 2.50% and the 5-year conventional mortgage rate is 6.19% (4 November 2026). See what that means for your monthly payment.
Mortgage payment calculatorCanadian fixed-rate mortgages compound semi-annually; this calculator uses that convention.
5-year conventional mortgage rate (weekly)
Policy rate changes
Bank of Canada exchange rates
Questions and answers
What is the Bank of Canada interest rate now?
The target for the overnight rate (policy rate) is 2.50% (as of 4 November 2026).
What is the 5-year mortgage rate?
The Bank of Canada's weekly series for the 5-year conventional mortgage rate was 6.19% on 4 November 2026. This is a posted rate; discounted rates offered by lenders are often lower.
How does the policy rate affect my mortgage?
Variable-rate mortgages and lines of credit follow banks' prime rates, which move with the policy rate. Fixed rates follow bond yields, which react to expected policy.
How is my payment calculated?
We use the standard Canadian formula with semi-annual compounding of the stated annual rate and monthly payments.
Source: Bank of Canada (Valet API: V39079 target for the overnight rate, V80691335 conventional 5-year mortgage rate, daily exchange rates). Reproduced under the Bank of Canada terms of use; the Bank does not endorse this site.