What Is the Canada 5-Year Bond Yield and Why Does It Affect Mortgage Rates?
September 9, 2026
Understanding bond yields, fixed mortgage rates, and mortgage pricing in Canada.
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No-fee broker · Multiple lenders · Licensed advisors
Your complete mortgage solution: Great rates, no fees, and a dedicated licensed advisor.
One place to compare, decide, and close. Frank shops Canada's top lenders to find your best rate, then a licensed advisor walks you through every step, from pre-approval to possession day. The customer is always the only priority.
What can we help you with?
Our lender network
A mortgage marketplace built around your needs
We work with over 40 lenders, including banks, credit unions, monoline and specialty lenders. Rather than offering one solution, we compare options and match you with lenders that suit your situation.
- First-time buyers
- Self-employed & incorporated
- New to Canada
- Investors & rental properties
- Strong credit & best rates
We don't send your application to every lender. Our system matches your profile to the lenders most likely to approve you — at the best terms.
Banks
Credit Unions & Alternative
Alterna
Community Trust
Monoline Mortgage Lenders
Private Lenders
Frank Mortgage works with over 20 private MICs and mortgage funds across Canada
40+
Lenders compared
$0
Broker fee for most deals
9
Provinces where we operate
100%
Secure process
Why Frank Mortgage
Everything you need to choose the right mortgage
One place to compare, decide, and close - with a licensed advisor available at every step.
The customer is always the only priority
No-fee mortgage broker
With either prime lenders or alternative lenders, our service costs you nothing. Instead, the lender pays us when your mortgage closes.
Compare Canada's best lenders
Banks, credit unions, and monoline lenders - all in one place. We show you options across a variety of lenders, not just one institution.
Licensed advisors, not commission drivers
Our advisors are not paid to steer you to a specific lender. They focus on what fits - rate, term, prepayment flexibility, and long-term suitability.
Secure online process
Apply for purchases, renewals, and refinances entirely online. Bank-level encryption protects your documents and personal data.
Rate Specials and Cash Back Offers
From time-to-time we are able to offer rate discounts or cash back specials. Enquire with us to find out what special offers may be available.
Ready to compare?
Answer a few questions and see which rates and lenders you may qualify for.
Find my best rate → Market Update – September 2, 2026: The Bank of Canada held its overnight policy rate at 2.25% on September 2 for the seventh consecutive announcement. Mortgage rates remain steady as the Bank maintains its wait-and-see stance. Read the full update →
How it works
From first question to closed mortgage
Frank combines a secure online process with licensed advisor support at every step.
Tell us about your situation
Answer a few quick questions about your goals, income, and property. No hard credit check to get started.
See Your Options
Unlike most mortgage brokers we want you to see the marketplace of options available to you. No need to shop around. It is time for someone to provide you with transparency like this.
Choose a preferred option and apply online
Our secure online application saves you time and money.
Get approved
We do the work for you - working with the lender to get your mortgage approval done. You can sit back and leave the work to us.
Finalize and close
Upload documents securely, satisfy any conditions, and sign. Your advisor stays with you right through to possession day.
Example savings
What you could save by comparing lenders
On a $600,000 purchase with 10% down over a 5-year fixed term, the lender you choose can meaningfully change your total interest paid.
| Lender type | Indicative rate | Monthly payment | Interest over 5 years | vs. Big bank |
|---|---|---|---|---|
| Monoline lender (via Frank) | 4.04% | $2,852 / mo | $101,600 | Save ~$15,400 |
| Credit union (via Frank) | 4.29% | $2,926 / mo | $108,000 | Save ~$9,000 |
| Big bank rate | 4.64% | $3,031 / mo | $117,000 | - |
Illustrative comparison only. Assumes $540,000 mortgage, 25-year amortization, insured. Rates and payments are approximate and for educational purposes only. Updated April 2026. Actual rates depend on borrower profile, lender, and product eligibility.
How Frank gets paid
Why our service is free for most borrowers
For prime mortgages in Canada, Frank earns a fee paid by the lender when your mortgage closes. Unlike many brokers we do not prioritize the lenders to show you based on what they pay us. The best deal for you is the best deal for you - regardless of what we get paid. Our interests are aligned.
We believe in this alignment of interest so much that we also do not charge a fee when dealing with an alternative lender. Almost every mortgage broker in Canada charges a fee for these deals. We don't find that fair. We like to say "mission before commission". We get you the best alternative lending deal available and don't charge you extra just because you didn't qualify for a prime mortgage.
However, if the mortgage required is a private deal, we do charge a fee. This is because private mortgage lenders do not pay mortgage brokers a fee. Check our fees against others though and you will see we are still the low cost mortgage broker for your private mortgage.
Read more on our About page → You apply with Frank No upfront cost. We pull together your profile and match you to lenders.
We find your best option Multiple offers compared. You choose - no pressure from us on any specific lender.
Mortgage closes The lender pays Frank a finder's fee. You pay nothing to us for all prime and alternative lending deals.
You're in your home With the mortgage that fit your goals - not the one with the highest referral fee.
Meet Frankie
Your AI mortgage assistant - ask anything, anytime
Frankie is Frank Mortgage's built-in AI trained on Canadian mortgage rules, rates, and regulations. Whether you're comparing 5-year fixed vs variable, wondering about penalty calculations, or just need plain-language answers - Frankie is on 24/7, no appointment needed.
Fixed vs variable - what's right for me? How are break penalties calculated? How does the stress test work? First-time buyer programs in Ontario Can I access my home equity?
Chat with Frankie - it's free
No login required to start. Always available.
Frankie
AI Mortgage Assistant · Frank Mortgage
What's the difference between fixed and variable?
A fixed-rate mortgage locks in your rate and payment for the full term - great for budgeting certainty. A variable rate moves with the prime rate, so payments can shift up or down. Both have real pros and cons depending on your goals. Want to know how they compare on penalties or flexibility?
How do break penalties compare?
Fixed-rate penalties are typically the greater of 3 months interest or the Interest Rate Differential (IRD) - which can be substantial. Variable mortgages usually cap at just 3 months interest, making them cheaper to break early. Worth discussing with a broker based on your plans.
Ask Frankie anything about your mortgage…
Tools & Calculators See all tools →
Plan your mortgage with confidence
Free tools to help you understand your numbers before you talk to a lender.
Mortgage payment calculator
Estimate your monthly payment for any rate, amortization, and purchase price.
Affordability calculator
Find out how much home you can comfortably afford based on your income and expenses.
Land transfer tax calculator
Estimate land transfer tax across 9 provinces and check your first-time buyer rebate eligibility.
CMHC insurance calculator
See if your purchase requires mortgage default insurance and what the premium would be.
GDS/TDS calculator
Check your gross and total debt service ratios to see how lenders assess your borrowing capacity.
What borrowers say
Real people, real mortgages
★★★★★
"We are so grateful for Randheer from Frank Mortgage. Randheer worked tirelessly as he walked us through many of the ups and downs of buying our new condo. He set us up with the best mortgage lender and rate we could get. Thank you for your hard work and commitment to your clients. We highly recommend Frank Mortgage."
★★★★★
"Working with Katie was a great experience from beginning to end. She was incredibly quick, responsive, and understood my need to find the lowest possible rate. She negotiated on my behalf, securing great terms while keeping everything stress-free."
★★★★★
"Highly recommend Frank Mortgage! Katie made sure I got the best rate and the right mortgage for my needs. She was organized, responsive, and understood what was important to me. Thanks to Katie, I'm now living in my dream home!"
★★★★★
"Kanik made my pre-approval and securing my mortgage a breeze. He walked me through the process and even helped connect me with a real estate agent and a lawyer. A really smooth process that made things less stressful, especially as a first-time homebuyer."
★★★★★
"I had an outstanding experience working with Kanik at Frank Mortgage. He was incredibly responsive, knowledgeable, and went above and beyond to help me. He answered all my questions thoroughly and followed up with such professionalism."
Mortgage Learning Library Bond Yields Mortgage Insurance Rate Outlook
Guides & insights for Canadian homeowners
Straight-talking articles on rates, renewals, and everything in between - no jargon, no spin.
Mortgage Default Insurance
September 4, 2026
Helping Canadians Finance Their Homes Yes, in Canada, you need to have a down payment to purchase a house. Lenders require you to have some ‘skin-in-the-game’…
Read more →Canadian Mortgage Rate Forecast Update For 2026 and Looking Ahead to 2027
September 2, 2026
Updated Canadian mortgage rate outlook for late 2026 and 2027, including variable and fixed rate expectations, key risks, and borrower guidance.
Read more →Ready to find your best mortgage?
Start with a quick rate comparison or book a free call with a licensed advisor - no commitment, no pressure.