Canada 5-year fixed mortgage rate holds at 6.19% in October

According to the Bank of Canada, the average interest rate on a 5-year fixed mortgage from the country's chartered banks stood at 6.19% on 21 October 2026. This series tracks the typical rate charged by the large banks on one of the most common mortgage terms. It serves as a reference point for the cost of new home borrowing from these lenders.

The rate did not change from the previous week. The Bank of Canada also reported 6.19% for 14 October 2026, and Housing Market Group's calculation from Bank of Canada figures puts the change between 14 October and 21 October 2026 at 0 percentage points. The same 6.19% level was recorded on 7 October 2026, so the average has held steady throughout the period from 7 October to 21 October 2026.

That steady stretch followed an upward move at the start of October. The Bank of Canada reported an average of 6.09% for both 23 September 2026 and 30 September 2026. The next reading, for 7 October 2026, showed the rate at 6.19%, and the figure has not moved since. The weekly data over this period therefore show a single step up between the end of September and early October, followed by a flat run at the higher level.

A longer comparison shows the rate only slightly above where it stood close to a year earlier. On 5 November 2025, the Bank of Canada reported an average 5-year fixed rate of 6.09% at chartered banks. That is the same level recorded in late September 2026. Housing Market Group's calculation from Bank of Canada figures shows a rise of 0.1 percentage points between 5 November 2025 and 21 October 2026. The rate on 30 September 2026 matched the reading from November 2025, which means the change over the longer period corresponds to the increase between 30 September and 7 October 2026.

Taken together, the figures show an average fixed rate at the big banks that was stable for several weeks after a modest increase. The latest reading is little changed from late 2025. The Bank of Canada series used here covers chartered banks and the 5-year fixed term only. It does not reflect rates from other types of lenders or for other mortgage terms, and it does not show differences between regions within Canada. The comparisons in this article are therefore limited to the national average for this product over time.