Top 3 Variable Rates
Ride the market curve. These rates offer the flexibility to save more when the prime rate shifts in your favor.
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The Adaptive Advantage
| Term | Best Rate | 2nd Best Rate | 3rd Best Rate |
|---|---|---|---|
|
5
Years
Variable
|
3.30%
5-Year · Variable
Save $1,370 vs 2nd Best
Save $2,604 vs 3rd Best |
3.40%
5-Year · Variable
Costs $1,370 more than Best
Save $1,235 vs 3rd Best |
3.49%
5-Year · Variable
Costs $2,604 more than Best
Costs $1,235 more than 2nd |
|
3
Years
Variable
|
3.60%
3-Year · Variable
Save $2,098 vs 2nd Best
Save $2,939 vs 3rd Best |
3.85%
3-Year · Variable
Costs $2,098 more than Best
Save $840 vs 3rd Best |
3.95%
3-Year · Variable
Costs $2,939 more than Best
Costs $840 more than 2nd |
Mortgage Rate Cost Comparison
See how a small difference in the interest rate can impact the total interest you pay over a 5-year term. Use this tool to compare any two rates side-by-side.
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Pro Tip: The Discount is What Matters
Focus on the number that's locked in for your term.
When you compare variable rates, you're not just comparing the current interest rate—you're comparing the **discount (or premium) to the prime rate.**
A variable rate is made of two parts: your lender's Prime Rate (which changes) and your specific discount (e.g., -0.75%, which is fixed for your entire term). The lender who offers the biggest, most stable discount will save you the most money over the long run, even as the prime rate fluctuates.
Key Variable Rate Insights
Get clear answers to the most important questions when you're comparing the top variable rates on the market.
The top variable rates are highly competitive as lenders vie for well-qualified clients. The small differences you see often come down to a lender's specific funding costs and their short-term strategy for attracting new business. Even a 0.05% difference can result in significant savings over your term.
Not always. The mortgage with the absolute lowest rate might have less favorable terms. For variable rates, the key is the discount from prime. A rate of 'Prime - 1.00%' is better long-term than 'Prime - 0.75%', even if the prime rate changes. Also, consider prepayment privileges and portability options.
This is the most important part of a variable rate. It's the percentage that is subtracted from the lender's prime rate to determine your actual interest rate. For example, if prime is 6.95% and your discount is 1.00%, your rate is 5.95%. This discount is locked in for your entire term, so a bigger discount is always better.
The top variable rate offers can change very quickly, sometimes daily, based on a lender's funding needs and market competition. However, once you are approved and have a rate hold, your specific discount from prime is secured for the rate-hold period (typically 90-120 days).
These top-tier rates are typically reserved for applicants with strong credit and financials. If you don't qualify, don't worry. There are many excellent alternative lenders who are more flexible. A mortgage broker is an expert at matching your financial profile to the right lender, ensuring you still get a very competitive rate.
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