Best Mortgage Rates in Mississauga

Compare Mississauga mortgage interest rates from Canada's top lenders and save on your mortgage

Today's Best Mortgage Rates in Mississauga, Ontario

Evaluate Mississauga’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Ontario.

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Province

Rate Type

Term

Mortgage Amount

Amortization

Purpose

Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Lender	Insured	Insurable	Uninsured
nesto inc.	3.40% $2,470.03 / month	3.50% $2,496.35 / month	3.45% $2,483.17 / month
Mortgage Associates Ontario Inc.	3.45% $2,483.17 / month	3.60% $2,522.81 / month	3.60% $2,522.81 / month
Mortgage Alliance	3.50% $2,496.35 / month	3.60% $2,522.81 / month	3.60% $2,522.81 / month
Affinity Mortgage Solutions	3.55% $2,509.57 / month	3.45% $2,483.17 / month	3.45% $2,483.17 / month
Pineapple Financial Inc – Kinetix Mortgages Team	3.55% $2,509.57 / month	3.65% $2,536.10 / month	3.55% $2,509.57 / month
DUCA Financial	3.89% $2,600.37 / month	3.89% $2,600.37 / month	3.89% $2,600.37 / month
Dominion Lending Centres	3.9% $2,603.07 / month	3.9% $2,603.07 / month	3.9% $2,603.07 / month
Alterna Savings	3.94% $2,613.86 / month	3.94% $2,613.86 / month	3.94% $2,613.86 / month
Copperfin Credit Union	4.04% $2,640.95 / month	4.04% $2,640.95 / month	4.04% $2,640.95 / month
CIBC	4.19% $2,681.85 / month	4.19% $2,681.85 / month	4.19% $2,681.85 / month
Healthcare and Municipal Employees' Credit Union	4.19% $2,681.85 / month	4.19% $2,681.85 / month	4.19% $2,681.85 / month
Bayview Financial Services	4.29% $2,709.29 / month	4.29% $2,709.29 / month	4.29% $2,709.29 / month
First National Financial	4.3% $2,712.04 / month	4.3% $2,712.04 / month	4.3% $2,712.04 / month
Ganaraska Credit Union	4.49% $2,764.59 / month	4.49% $2,764.59 / month	4.49% $2,764.59 / month
CMLS	6.99% $3,498.99 / month	6.99% $3,498.99 / month	6.99% $3,498.99 / month

Written By Shivani Kaul

Content manager

Updated October 20, 2026

How much down payment do you need to buy a home in Mississauga?

Using a $971,047 home in Mississauga as an example, the minimum down payment would be approximately $72,105. This price is close to the average selling price in Mississauga in May 2026. Based on Canadian minimum down payment requirements, the calculation uses 5% of the first $500,000 and 10% of the portion above $500,000.

Minimum down payment calculation: $25,000 on the first $500,000 + approximately $47,105 on the remaining $471,047 = approximately $72,105.

Down payment options on a $971,047 Mississauga home

Down payment option	Down payment amount	Mortgage amount*	Mortgage default insurance
Minimum required (~7%)	$72,105	$898,942	Required
10%	$97,105	$873,942	Required
20%	$194,209	$776,838	Not required

*Mortgage amount shown before any mortgage default insurance premium is added.

Because the minimum down payment is below 20%, a buyer using this option would typically need mortgage default insurance. The insurance protects the lender if the borrower cannot repay the mortgage, and the premium can usually be added to the loan.

For this Mississauga example, making a 20% down payment instead of the minimum requires approximately $122,104 more upfront. It reduces the starting mortgage from approximately $898,942 to $776,838 and removes the mortgage default insurance requirement.

What should you know before getting a mortgage in Mississauga?

When planning your Mississauga home purchase, set aside money for more than the down payment. Closing costs are normally paid separately and can add thousands of dollars to the amount you need upfront.

Land transfer tax: Mississauga buyers pay Ontario's provincial land transfer tax. There is no additional municipal land transfer tax like the one charged in Toronto.
Legal fees: Typically $1,500–$2,500 for a residential purchase.
Home inspection: Typically $400–$600, depending on the property's size, type and condition.
Title insurance: Often $250–$400, depending on the property and coverage.
Property tax adjustment: If the seller prepaid taxes for a period after your closing date, you may need to reimburse their share at closing.
Mortgage default insurance: Usually required when the down payment is below 20%. CMHC mortgage loan insurance can help eligible buyers qualify with a smaller down payment.

Estimated Ontario land transfer tax on Mississauga's average home price ($971,047)

Purchase price portion	Rate	Tax
First $55,000	0.5%	$275
$55,000–$250,000	1.0%	$1,950
$250,000–$400,000	1.5%	$2,250
$400,000–$971,047	2.0%	$11,421
Total		$15,896

Based on Ontario's land transfer tax rates, the estimated provincial tax on a $971,047 Mississauga home would be $15,896.

If you are a qualifying first-time buyer, you may be eligible for an Ontario land transfer tax refund of up to $4,000. With the full refund, the estimated tax in this example would fall from $15,896 to $11,896.

Ontario land transfer tax: When you buy in Mississauga, you pay the provincial tax based on the home's purchase price. Unlike Toronto, Mississauga does not charge an additional municipal land transfer tax.

What government programs can help you buy a home in Mississauga?

If you are buying your first home, these federal programs can help you build your down payment and lower your taxes:

First Home Savings Account (FHSA): You can contribute up to $8,000 per year, with a lifetime limit of $40,000. Contributions are tax deductible, and qualifying withdrawals for a first home are tax free.
Home Buyers' Plan (HBP): You can withdraw up to $60,000 from your RRSP to buy or build a qualifying first home, without paying tax on the withdrawal. You repay the amount to your RRSP over time.
Home Buyers' Amount: If you are a first-time buyer, you can claim up to $10,000 on your federal tax return. This is a non-refundable credit, so it reduces the federal income tax you owe but does not create a refund on its own. You generally qualify if neither you nor your spouse or common-law partner lived in a home you owned in the year you bought or in the four years before, and you plan to live in the new home within one year. If you buy with someone else, you can split the credit, but the total claimed for the home cannot be more than the maximum.

You can use the FHSA and the Home Buyers' Plan for the same purchase. Eligibility rules apply to each program, so confirm the details with the Canada Revenue Agency before you rely on any of them.

Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Updated 14:20 on Oct 21, 2026

Placeholder	Insured The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.	80% LTV The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.	65% LTV The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.	Uninsured The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.	Bank Rate Bank Rate is the mortgage interest rate posted by the big banks in Canada.
1-year fixed rate	4.99%	4.59%	4.59%	4.99%	4.99%
2-years fixed rate	3.99%	4.14%	4.14%	4.44%	4.53%
3-years fixed rate	3.86%	3.79%	3.79%	3.90%	4.39%
4-years fixed rate	4.19%	4.09%	4.09%	4.39%	4.44%
5-years fixed rate	3.69%	3.94%	3.69%	3.69%	4.19%
7-years fixed rate	4.89%	4.89%	4.89%	4.89%	5.00%
10-years fixed rate	5.24%	5.24%	5.24%	5.24%	6.09%
3-years variable rate	3.90%	4.05%	3.90%	3.90%	5.95%
5-years variable rate	3.45%	3.54%	3.50%	3.50%	4.24%
HELOC rate	N/A	N/A	N/A	N/A	N/A
Stress Test	5.45%	5.45%	5.45%	5.50%	N/A

Should you choose a fixed or variable mortgage rate?

A fixed-rate mortgage keeps the same interest rate for the length of your term. A variable-rate mortgage changes when your lender's prime rate changes. Fixed gives you payment certainty. Variable can start lower, but your costs can rise.

The Bank of Canada's policy rate is 2.25%, unchanged at its September 2, 2026 announcement. Lenders use their prime rate, currently 4.45% at major banks, as the benchmark for variable-rate mortgages. Your actual rate is set as a discount or premium to prime, so it won't match the Bank of Canada rate. The next announcement is scheduled for October 28, 2026 and could affect prime and variable mortgage pricing.

For example, using the lowest 5-year insured rates in the Rate Matrix above:

Comparison	Fixed mortgage	Variable mortgage
Starting mortgage rate	3.69%	3.45%
How the rate is set	Locked in when you sign	Prime (4.45%) minus 1.00%
What happens if the Bank of Canada raises rates?	Fixed rate stays at 3.69% for the term	Variable rate may increase
What happens if the Bank of Canada lowers rates?	Fixed rate stays at 3.69% for the term	Variable rate may decrease

Rate change example

What if rates rise by 0.50%?

If the Bank of Canada raised its policy rate by 0.50 percentage points and lenders raised prime by the same amount, prime would go from 4.45% to 4.95%. A variable rate set at prime minus 1.00% would rise from 3.45% to about 3.95%.

The example below assumes a variable-rate mortgage with payments that adjust when the interest rate changes. With a fixed-payment variable mortgage, a rate increase may instead mean more of your payment goes toward interest and less toward paying down your mortgage.

On a $500,000 mortgage with a 25-year amortization, that is roughly $2,483 per month at 3.45% and $2,617 per month at 3.95%, about $134 more each month. The 3.69% fixed rate would stay at about $2,547 per month.

The variable-rate borrower could pay more if rates rise, but could also save money if rates stay low or fall. Fixed rates don't change during the term, but you may face a different rate at renewal.

Which one suits you?

Fixed may suit you if you want predictable payments and have a tight monthly budget.
Variable may suit you if you can handle payment changes and want to benefit if rates fall.

Learn more: Fixed vs. variable mortgages. Compare today's 5-year fixed and 5-year variable rates.

This example is for illustration only. Payments are estimates. Mortgage rates vary by lender, borrower, mortgage type and eligibility.

What happens when you renew your mortgage in Mississauga?

Your mortgage renewal is a chance to check whether your current rate and terms still suit your budget. Your lender's first offer is only one option, so compare it with other available mortgages before agreeing to a new term.

At renewal, you can:

Negotiate with your current lender — ask whether it can improve the offered rate, term or mortgage features.
Switch to a different lender — compare rates along with prepayment privileges, fees and restrictions.
Select a different term — reconsider the length of your term and whether a fixed or variable rate fits your plans.
Refinance the mortgage — access equity or adjust the loan amount, subject to requalification and the lender's approval.

Begin comparing options a few months before your Mississauga mortgage reaches maturity. Having time to collect offers can put you in a better position to negotiate with your existing lender or prepare the documents needed to switch.

Under OSFI's straight-switch exemption, eligible uninsured borrowers may move their mortgage between federally regulated lenders at renewal without being assessed using the minimum qualifying rate. The existing loan amount and remaining amortization generally cannot increase as part of the switch.

A straight switch is different from refinancing. If you want to borrow more against your Mississauga home or extend the amortization, you will generally need to requalify. The lender may also require a current property valuation or appraisal.

Read more: Mortgage Renewal Guide

How does mortgage refinancing work in Mississauga?

Mortgage refinancing means replacing your existing mortgage with a new one. A Mississauga homeowner may refinance to access home equity, consolidate debt, cover renovation costs or change the mortgage's rate, term or amortization.

You can generally borrow up to 80% of your home's appraised value, subject to lender approval. Your current mortgage and any other loans secured against the home count toward this limit. The difference between the limit and your secured debt helps determine how much additional money you could access.

Because refinancing changes the mortgage rather than simply renewing it, you will normally need to requalify. Your lender may also order an appraisal to confirm the current value and calculate the property's loan-to-value ratio.

How much equity could you access from a Mississauga home?

Consider a Mississauga home appraised at $971,047. Using the 80% loan-to-value limit, the total borrowing secured against the property could be up to approximately $776,838.

Example	Amount
Appraised home value	$971,047
80% of appraised value	$776,838
Existing mortgage balance	$600,000
Potential additional borrowing	Up to $176,838

In this example, a homeowner with a $600,000 mortgage balance could potentially access up to $176,838 through refinancing. The amount approved may be lower based on the appraisal, household income, debts, credit history and lender requirements.

Before refinancing, account for costs such as an appraisal, legal work, discharge fees and any penalty for ending your current mortgage early. Increasing your mortgage balance will also increase the amount of debt secured against your home.

Considering refinancing? Compare mortgage rates in Mississauga to see what rates are available.

Read more: Mortgage Refinancing Guide

Frequently asked questions about mortgages in Mississauga, Ontario

Here are some of the most-asked questions about Mississauga mortgages and tips on finding the cheapest mortgage rates.

How much can I save by comparing the current Mississauga mortgage rates?

Rates.ca lets you compare mortgage rates from multiple lenders in one place, helping you explore options for buying a home, renewing your mortgage or refinancing in Mississauga.

Compare the interest rate alongside the mortgage term, rate type and repayment flexibility. A lower advertised rate may have eligibility requirements or restrictions that affect whether the mortgage suits your needs. Before choosing an offer, confirm the rate you qualify for, the prepayment privileges and any fees or penalties that could affect your borrowing costs.

Why should I compare Mississauga mortgage rates with Rates.ca?

Rates.ca lets you compare mortgage rates from multiple lenders in one place, helping you explore options for buying a home, renewing your mortgage or refinancing in Mississauga.

Are Mississauga mortgage rates higher than other Ontario cities?

Not necessarily. Living in Mississauga does not automatically mean you will receive a higher mortgage rate than someone in another Ontario city. Your offer depends on factors such as the lender, your credit history, the mortgage term and whether you choose a fixed or variable rate.

Separate the mortgage rate from the amount you need to borrow. Buying a more expensive home may require a larger mortgage and higher monthly payments, even when the interest rate is the same. When comparing offers, use the same mortgage details and confirm which rates you are eligible for.

What’s the difference between variable and fixed rate mortgages?

A fixed-rate mortgage keeps the same interest rate throughout your mortgage term. A variable-rate mortgage has an interest rate that can change during the term, generally as your lender’s prime rate changes.

With a fixed-rate mortgage, your regular principal and interest payment stays the same during the term. With a variable-rate mortgage, payments may adjust when the rate changes, or remain fixed while the amounts going toward interest and principal change. Fixed payments can still require adjustment if rates rise enough.

When choosing a mortgage for your Mississauga home, consider your budget, your ability to manage rate changes and whether you might sell or refinance before the term ends. Compare prepayment privileges and penalties alongside the interest rate.

Shivani Kaul, Content manager

Shivani is a Content Manager at Rates.ca, focusing on mortgages. She is an experienced communication and marketing professional who specializes in content strategy and SEO optimization. Shivani ensures that our written materials meet the highest standards of quality and relevance.

She holds a Digital Marketing Management certificate from the University of Toronto, a Business Communications certificate from the University of British Columbia, a Masters degree in Mass Communication from Symbiosis Institute of Media and Communications and a Bachelor's degree in English from the University of Delhi.

Shivani has previously worked as a deputy digital productions editor with PMNA-The Canadian Press, and as an editor with The Globe and Mail, Toronto Star, and the Investor's Digest of Canada. She has also worked in reputed news media groups in India and the Middle East.