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Mortgage Rates in London, Ontario

Updated · By Nandan Bajani, Mortgage Agent Level 1

As of October 23, 2026, the lowest advertised insured rates available to London buyers are 4.34% for a 5-year fixed and 3.43% for a 5-year variable. The Bank of Canada's overnight rate is 2.25% and prime is 4.45%.

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London mortgage rate overview

Bank of Canada overnight rate
2.25%
Prime rate
4.45%
Variable mortgages and HELOCs are priced from prime
Lowest fixed rate
4.34%
5-Year term, Canadian Lender
Lowest 5-year fixed
4.34%
Canadian Lender
Lowest variable rate
3.43%
5-Year term, about prime − 1.02%
Stress-test rate on that 5-year fixed
6.34%
Greater of rate + 2% or 5.25%

Insured rates (less than 20% down) as of October 23, 2026. Source: Ratehub.ca public rate table. Rates change often and depend on lender qualification.

London, Ontario — Daily Update

Compare Today's Mortgage Rates

As of October 23, 2026

Bank of Canada overnight rate 2.25%, prime 4.45%

2-Year

Fixed

4.39%

Big 6 Bank

Variable

—

3-Year

Fixed

4.49%

Canadian Lender

Variable

3.90%

Alterna Savings

5-Year

Fixed

4.34%

Canadian Lender

Variable

3.43%

Canadian Lender

Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.

Rates are illustrative, change daily and are subject to lender qualification. Source: Ratehub.ca public rate table, as of October 23, 2026.

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Nandan Bajani is a Mortgage Agent Level 1 with The Mortgage Firm Inc. (Brokerage Licence #: 13466). Independently Owned & Operated.

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What sets your rate

The advertised rate is a starting point. These decide the rate you're actually offered.

  • Insured or notLess than 20% down means insured, usually the lowest rates. 20% or more is uninsured and often a little higher.
  • Term and rate typeShorter and longer terms, fixed or variable, all price differently. Compare like with like.
  • Credit and incomeCredit history and how your income is documented decide which lenders, and which rates, are open to you.
  • Property and useRentals, rural properties and condos can narrow the lender list. A refinance is priced differently from a purchase.
  • Purchase, switch or refinanceA straight switch at renewal can often get purchase-level pricing; a refinance usually can't.
  • AmortizationUninsured mortgages over 25 years can carry a small premium with some lenders.

Fixed or variable?

Today's lowest variable (3.43%) is about prime − 1.02%, so it moves whenever prime moves. A fixed rate stays the same for the term.

The lower starting rate isn't the whole decision: compare the payment if prime rises, the penalty if you break the mortgage early, and how much payment change your budget can absorb. See fixed vs variable rates.

The stress test still applies

With federally regulated lenders you qualify at the greater of your rate plus 2% or 5.25%. On today's lowest 5-year fixed (4.34%) that's 6.34%.

The stress-test rate decides how much you can borrow; your real payment uses your actual rate. A straight switch to a new lender at renewal is generally exempt. Try your numbers in the qualification calculator.

Mortgage rate questions

What are mortgage rates in London, Ontario today?

As of October 23, 2026, the lowest advertised insured rates available to London buyers are 4.34% for a 5-year fixed and 3.43% for a 5-year variable. The Bank of Canada's overnight rate is 2.25% and prime is 4.45%. These are insured rates (less than 20% down); your own rate depends on your down payment, credit, income, property and term.

Are mortgage rates different in London than the rest of Ontario?

No. Lenders set rates nationally, not by city. Two London buyers can get different rates because their files differ (down payment, credit, property type, term), not because of where in Ontario they buy.

Can I negotiate my mortgage rate?

Yes, mostly by comparing lenders. A bank's first offer, and especially a renewal letter, is rarely its best. A broker can put the same file in front of many lenders, which is usually what moves the rate.

Is my rate a good one?

Compare it with rates for the same kind of mortgage: same term, fixed or variable, and insured or uninsured. As of October 23, 2026 the lowest insured 5-year fixed is 4.34%. Uninsured mortgages (20% or more down) and refinances are usually priced a little higher.

Why are insured rates lower than uninsured rates?

With less than 20% down, the mortgage carries default insurance, which lowers the lender's risk, so lenders usually price it lower. You pay the insurance premium, which is normally added to the mortgage.

How long can I hold a rate?

Many lenders hold a rate for about 90 to 120 days on a purchase pre-approval or a renewal switch. If rates drop before closing you can often get the lower rate; if they rise, the held rate protects you.

Does my credit score change my rate?

It can. Prime lenders generally price best above about 680, though approvals happen below that. Below prime-lending guidelines, alternative lenders charge more, ideally as a short-term step back to prime.

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