The yields that guide rates
According to the Bank of Canada, fixed mortgage rates generally follow the 5-year Government of Canada bond yield. The latest yields are shown with their date and source, for information only.
Data dates: —. Sources: Bank of Canada (Government of Canada bonds), CMLS Financial (CMB), U.S. Treasury. For information only.
Yield history
Canada Mortgage Bonds and Government of Canada bonds, 5 and 10 year, since 2013
Sources: CMLS Financial (interpolated rates, CMB), Bank of Canada (Government of Canada bonds) · data through —. Drag across the chart to zoom.
Market data
| Term | Yield | Previous | Δ bps |
|---|---|---|---|
| Government of Canada | |||
| 5-year | — | — | — |
| 10-year | — | — | — |
| Canada Mortgage Bonds (CMB) | |||
| 5-year | — | — | — |
| 10-year | — | — | — |
| U.S. Treasury | |||
| 5-year | — | — | — |
| 10-year | — | — | — |
| Canada prime rate | |||
| Current | — | — | — |
Sources: Bank of Canada (Government of Canada bonds), CMLS Financial (CMB), U.S. Treasury · —, Canada ICI (prime rate) · Bank of Canada schedule. For information only.
How to read these numbers.
Yield and price move in opposite directions. When a bond's price rises, its yield falls. Lower 5-year yields generally show up as lower 5-year fixed rates.
The Bank of Canada doesn't set mortgage rates. The lender's funding cost makes up most of your mortgage rate. The policy rate moves short-term rates, and can move long-term rates.
Canada Mortgage Bonds (CMB). Issued by Canada Housing Trust and fully guaranteed by CMHC on behalf of the Government of Canada. From 2026, part of the issuance funds CMHC-insured multi-unit loans.
U.S. Treasuries. 5- and 10-year U.S. yields are shown for comparison.
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