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Why banks are bracing for a mortgage renewal cliff - About ThatThe average five-year fixed mortgage rate dropped to % in August, down from % in July, easing the financial pressure for many prospective home buyers. Compare Canada's best mortgage rates in one place. We source rates from banks and mortgage brokers each day so you can find the best current mortgage rates. Current mortgage rates from Canada's Big Six banks ; National Bank of Canada. %, % ; RBC. %, % ; Scotiabank. %, % ; TD Bank. %, %.