National Bank Mortgage Rates 2025

Fixed-Rate Mortgages

TERM	POSTED RATE	APR
1-month (closed)	4.95%	N/A
3-month (closed)	7.84%	8.37%
6-month (open)	9.75%	9.98%
6-month (closed)	7.59%	7.81%
1-year (open)	9.65%	9.77%
1-year (closed)	6.99%	7.11%
2-year (closed)	6.69%	6.76%
3-year (closed)	6.49%	6.54%
4-year (closed)	6.29%	6.33%
5-year (closed)	6.39%	6.43%
6-year (closed)	6.69%	6.73%
7-year (closed)	6.69%	6.72%
10-year (closed)	7.14%	7.17%

* Posted rates as of March 24, 2025

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Variable-Rate Mortgages

TERM	POSTED RATE	APR
60-month variable	4.95%	4.99%
60-month capped-rate mortgage	5.20%	5.24%

* Rates as of March 24, 2025

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With a capped-rate variable-rate mortgage, your rate will fluctuate depending on the Bank of Canada’s key overnight lending rate and, in turn, National Bank’s prime rate, but will never exceed a threshold established when you secure your mortgage.

National Bank offers the All-In-One home equity line of credit (HELOC) with two options: a standalone line of credit and a made-to-measure mortgage with a loan and line of credit. The current rate for the variable portion is 5.95% (prime + 1.0%), plus a fee of $7 per month per account. Rates as of March 13, 2025.

National Bank also offers a mortgage for the self-employed. To be eligible:

• The property value must be under $1 million
• The maximum loan amount must be under $600,000
• You must have been a self-employed worker or business owner for at least two years and have a solid record of sound financial and credit management

National Bank currently has these cash back mortgage offers:

1.) First-time homebuyer

Get up to $7,800 cash back by combining the following offers:

• Buy a property (up to $3,500 cash back)
• First-time homebuyer, insured and amortized over 30 years (up to $2,750 cash back)
• Mortgage loan insurance on a new 30-year amortized mortgage (up to $1,000 cash back)
• Open a chequing account (up to $550 cash back)

2.) Buying a property

Get up to $5,050 cash back by combining the following offers:

• Buy a property (up to $3,500 cash back)
• Mortgage loan insurance on a new 30-year amortized mortgage (up to $1,000 cash back)
• Open a chequing account (up to $550 cash back)

3.) Switch your mortgage 

Get up to $5,550 cash back by combining the following offers:

• Switch your mortgage (up to $4,000 cash back)
• Mortgage loan insurance on a new 30-year amortized mortgage (up to $1,000 cash back)
• Open a chequing account (up to $550 cash back)

4.) Refinance your mortgage

Get up to $4,050 cash back by combining the following offers:

• Refinance your mortgage (up to $3,500)
• Open a chequing account (up to $550 cash back)

Terms and conditions apply. Check the website for complete details. Promotions valid until November 4, 2025.

5.) Cash back for energy-efficient homes

National Bank also offers an exclusive offer for homebuyers considering purchasing a low-emission home. If you buy an energy-efficient property with an insured mortgage before October 31, 2025, you are eligible for a 25% cash back on mortgage insurance premiums to a maximum of $5,000.

Rates are an important factor in securing a mortgage, but other considerations should be made to ensure that your loan meets your long-term needs.

Posted Rates Vs. Special Rates

The posted rate is the rate that a lender openly advertises and is generally considered the starting rate for a mortgage rate negotiation. It is typically the uppermost rate that a bank will give you.

Special rates, also known as discounted rates, are advertised discounts off posted rates.

Fixed vs. Variable Mortgage Rate

With a fixed-rate mortgage, you make the same payment over the entire term. Your mortgage rate and payment are not affected by changes to the Bank of Canada’s (BoC) overnight rate.

However, if you have a variable-rate mortgage, your mortgage payments change in sync with the overnight rate; as rates go down, so does your mortgage payment. But as rates go up, your mortgage payment rises as well.

Assuming a $300,000 high-ratio mortgage with less than 20% down payment and a 25-year amortization, here’s how the payments compare using current National Bank mortgage rates:

	POSTED INTEREST RATE	MONTHLY PAYMENT
5-year fixed-rate (closed)	4.39%	$1,642.12
60-month variable	4.45%	$1,652.09

* Special rates are available.

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When the prime rate drops, so will your variable-rate mortgage.

Related: Should I Choose a Fixed-Rate Or Variable-Rate Mortgage?

Shorter vs. Longer Mortgage Term Lengths

Your mortgage term is the amount of time you are contractually obligated to pay your mortgage at a stipulated rate. With a five-year fixed-rate mortgage, for example, you’ll pay the same amount each payment at a given interest rate for five years. With a five-year variable-rate mortgage, your rate will vary in sync with the prime rate in relation to the rate you are offered when you start your mortgage for five years.

A long-term mortgage is typically one with a term longer than three years. National Bank offers the following long-term mortgages:

• 4-year fixed-rate (closed)
• 5-year fixed-rate (closed)
• 60-month variable (closed)
• 60-month capped-rate variable (closed)
• 6-year fixed-rate (closed)
• 7-year fixed-rate (closed)
• 10-year fixed-rate (closed)

A short-term mortgage has a term of three years or less. National Bank offers the following short-term mortgages:

• 3-month fixed-rate (closed)
• 6-month fixed-rate (open)
• 6-month fixed-rate (closed)
• 1-year fixed-rate (open)
• 1-year fixed-rate (closed)
• 2-year fixed-rate (closed)
• 3-year fixed-rate (closed)

If you want the consistency of a fixed-rate mortgage but think rates may go down in the future, you can choose a shorter term with the hope that rates will be lower at renewal time. However, you might choose a longer-term mortgage if you prefer budgeting a set mortgage payment for a longer period.

Open vs. Closed Mortgages

An open mortgage gives you more flexibility to pay off your mortgage or break your mortgage contract than a closed mortgage. For example, with an open mortgage, you can convert it to another term at any time without a prepayment penalty. However, an open mortgage typically has a higher interest rate in exchange for this flexibility; National Bank’s one-year closed mortgage rate is currently 7.24%, while its one-year open mortgage rate is 9.65%.

	CLOSED MORTGAGE	OPEN MORTGAGE
Can prepay mortgage	To a certain annual limit	As much as you want
Convertible/Re-negotiable	With a penalty	No penalty
Interest rate	Lower	Higher

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National Bank offers two open mortgages:

• 6-month fixed-rate
• 1-year fixed-rate

An open fixed-rate mortgage may be a good option if you want flexible prepayment options, plan to sell your home in the near future, or would like the option of early renewal to a longer term without any costs.

Convertible Mortgages

National Bank does not currently advertise a convertible mortgage.

Prime Rate

National Bank’s prime rate is currently 4.95%.

Rate Vs. APR

The posted interest rate is the rate that a lender advertises openly. The APR, or annual percentage rate, includes other borrowing costs, such as fees.

National Bank Mortgage Rate Hold

National Bank offers a 90-day rate hold following the receipt of your mortgage application.

Prepayment Privileges at National Bank

By taking advantage of National Bank’s prepayment privileges, you can pay off your mortgage faster as prepayments go directly to your loan’s principal or the part you originally borrowed.

Here are your prepayment options at National Bank:

• Make additional payments: You can increase your scheduled payment by up to 100% (principal + interest). This shortens your amortization and reduces your interest costs over time. Here’s how your payments compare for a $444,600 mortgage at 5.09% with a 25-year amortization using different payment schedules:

	MONTHLY PAYMENT	EVERY TWO WEEKS	EVERY WEEK
Mortgage payment	$2,608.64	$1,304.32	$652.16
Savings	N/A	$57,104.46	$57,730.96
Repayment period	25 years	21 years, 5 months	21 years, 5 months

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• Increase your payment frequency: Switching from a monthly mortgage payment to a biweekly or weekly payment can save interest.
• Make an early payment: During the same calendar year, you can repay up to 10% of the principal amount without paying any penalties. This can be made in one or multiple payments.
• Repay with your Rewards Plan Points: If you have an All-In-One home equity line of credit, you can repay the capital portion with points from an eligible Rewards Plan credit card, including the World Elite Mastercard or Platinum Mastercard. Repaying $100 will cost you 12,000 points.

Getting a mortgage preapproval is an important step in the home-buying process because you’ll know how much home you can afford and at what interest rate. You could get a preapproval certificate within two business days.

To apply online, you must answer “yes” to the following criteria:

• You plan to live at the property
• You and your co-borrower (if applicable) are employed
• The property is a house, condo, duplex, triplex or a quadruplex
• You currently live in Canada
• You’re applying for yourself, not for a third-party
• You’ve reached the age of majority in your province or territory
• The property is located in Canada, excluding the territories
• You and your co-borrower (if applicable) must only own one property or less

Once you submit your preapproval application online, if you’re not already a National Bank client, you’ll receive a call within two business days to schedule an online appointment. During that appointment, National Bank will identify you remotely via video using Microsoft Teams. If you are already a client, you can start your application via online banking.

Documents Required

To start your National Bank mortgage application, you’ll typically need the following information and documents:

• Government identification
• Proof of income, usually a pay stub if you are employed or notices of assessment if you are self-employed
• Proof of a down payment or ability to cover closing costs
• Length of time with your employer
• Proof of any other assets
• Information about your other debts, particularly how much you owe and pay monthly on them

Related: Five Things You Need To Be Preapproved For A Mortgage

To get the best mortgage rates, you want to prove to your lender that you can service your debt over the term of your mortgage. Borrowers with excellent credit histories and low debt-to-income ratios typically secure the best rates.

Long before you apply for a mortgage, it’s best to get your financial house in order. Consider the following:

• Consolidate your debt: Too much debt compared to your income and assets is a red flag that you may be unable to make your mortgage payments, especially if interest rates change. Consolidating your debt into one lower payment can help you pay it down faster.
• Improve your credit score: Your credit score is a three-digit number that gives a lender a snapshot of your spending and payment history. The higher the score, the more likely you’ll be approved for your mortgage and with the best rate.

• Save more money for a down payment: In Canada, the minimum amount you need for a down payment depends on the house’s purchase price. For properties up to $500,000, the minimum down payment is 5%. For properties between $500,000 and $1.5 million, you’ll need 5% of the first $500,000 + 10% of the remaining amount. For properties above $1.5 million, you’ll need a minimum of 20% for a down payment. (Before December 15, 2024, the upper threshold was $1 million.) The larger your down payment, the less mortgage you’ll require, making it easier to qualify for a loan.

• Negotiate: Don’t be afraid to ask if the rate you are being offered is the best the bank can offer. The posted rates are not the best mortgage rates, and there is usually some wiggle room, especially if you have a very strong mortgage application. This may mean shopping around for a better rate with a different lender and then asking if National Bank will match it.