Tangerine mortgage rates (2026): what to know

Tangerine mortgage rates apply to a deliberately simple product: a closed mortgage in fixed or variable form, applied for online or by phone rather than in a branch. Your rate depends on the term, your down payment and whether you qualify for one of Tangerine's offers. See Tangerine's current mortgage rates on its site. This guide covers how Tangerine's mortgages work, with Bank of Canada averages for context, not Tangerine's prices.

Dibz isn't affiliated with or endorsed by Tangerine or Scotiabank. Trademarks belong to their owners. Figures shown are Bank of Canada averages, not offers; talk to a licensed mortgage professional before you decide.

Tangerine quick facts

• Who it is: a digital Schedule I bank and wholly owned subsidiary of Scotiabank (Tangerine).
• Product: a closed mortgage, fixed or variable, with terms of 1 to 5 years plus 7 and 10 years (Tangerine).
• Prepayment: each mortgage year, lump sums of up to 25% of the principal at the start of your term and payment increases of up to 25%.
• Rate hold: 120 days.
• Fixed-rate penalty: the greater of three months' interest or an interest rate differential (IRD).
• Home equity option: a Tangerine Home Equity Line of Credit at Tangerine Prime plus or minus an adjustment.

Tangerine mortgage products

Tangerine keeps its lineup narrow: one closed mortgage that comes in fixed and variable versions, rather than a menu of open, convertible and specialty products. You can choose a term from 1 to 5 years, or 7 or 10 years. A Mortgage Specialist handles your file throughout.

The Tangerine Home Equity Line of Credit is a separate product. Its rate is variable, set at Tangerine's prime rate plus or minus an adjustment factor, and changes automatically when Tangerine Prime changes. You manage it online and can pay it down and reuse it without reapplying.

Prepayments and penalties

Tangerine's prepayment privileges are set as a share of where your term started. Each mortgage year you can:

• make lump-sum prepayments of up to 25% of the principal at the start of your term, and
• increase your regular payment by up to 25% of the payment at the start of your term.

Both come without a prepayment charge (Tangerine FAQ).

If you go beyond those limits or break the mortgage, Tangerine says the charge on a variable mortgage is three months' interest, and on a fixed mortgage it's the greater of three months' interest or the IRD. Its prepayment estimate FAQ shows the three-month formula: your rate times your balance, divided by 12, times three. Tangerine's public pages don't spell out which comparison rate its IRD uses, so ask for a written penalty estimate before you act.

Porting

Tangerine says you can transfer your mortgage to a new property at your current rate, term and loan amount. If you need more money for the new home, ask how the extra would be priced.

How to apply

Apply online, by phone, or with a Mortgage Specialist. Tangerine says document review can take one to two business days, but asks you to allow at least 15 business days from application to funding. That timeline is worth building into a purchase or a switch at renewal.

Posted vs discounted rates

Big banks typically publish a posted rate and then discount it, and the posted rate often feeds into their penalty formulas. When you look at Tangerine's rates page, note whether a rate is a standard rate or a conditional special offer, and ask which rate would be used if you ever broke the mortgage. Whatever the label, the rate you're offered is what sets your payment and your stress-test bar: new mortgages qualify at the higher of 5.25% or the contract rate plus two points (FCAC).

How Tangerine's rates compare with the chartered-bank benchmark

Tangerine isn't one of the six banks behind the Bank of Canada's posted-rate benchmarks, so the posted benchmark is less useful here. The new-mortgage averages are a better reference. Since Tangerine offers both fixed and variable versions of its mortgage, here's how average new fixed and variable rates have moved for insured borrowers:

• Insured fixed, 5 years and over
• Insured variable

Average rates on new insured mortgages (funds advanced), across lenders. Not Tangerine's rates or offers.

Source: Bank of Canada (free at bankofcanada.ca)

Show the numbers

	Insured fixed, 5 years and over	Insured variable
Sep 2024	4.52%	5.87%
Oct 2024	4.39%	5.37%
Nov 2024	4.28%	5.30%
Dec 2024	4.21%	4.83%
Jan 2025	4.29%	4.60%
Feb 2025	4.25%	4.57%
Mar 2025	4.13%	4.34%
Apr 2025	3.98%	4.36%
May 2025	3.92%	4.43%
Jun 2025	3.92%	4.43%
Jul 2025	3.95%	4.44%
Aug 2025	3.99%	4.40%
Sep 2025	4.05%	4.15%
Oct 2025	3.97%	3.85%
Nov 2025	3.94%	3.79%
Dec 2025	3.97%	3.80%
Jan 2026	3.94%	3.80%
Feb 2026	3.89%	3.77%
Mar 2026	3.96%	3.79%
Apr 2026	3.95%	3.79%
May 2026	3.96%	3.80%
Jun 2026	4.01%	3.79%
Jul 2026	4.05%	3.75%

In September 2024 the average new variable rate was well above the fixed one. By October 2025 it had dropped below, and in July 2026 it sat 0.3 points under the 5-year-and-over fixed average.

Negotiating your Tangerine renewal

• Start early. With funding taking at least 15 business days on new applications, give yourself room if you're weighing a switch in either direction.
• Use the averages. The Bank of Canada figures on this page show what borrowers across lenders have recently paid.
• Ask about current offers. Tangerine has run conditional rate offers in the past; ask whether any are available and what they require.
• Plan your prepayments. Your 25% privileges reset each mortgage year, so a lump sum before renewal may be worth timing.
• Weigh fixed against variable. The gap between the two has changed sign over the past two years, as the chart shows.

Try our mortgage calculator to compare fixed and variable payments.

Related reading

See the Scotiabank guide for Tangerine's parent bank, 5-year variable mortgage rates, and HELOC rates.

FAQ

How much can I prepay on a Tangerine mortgage?

Each mortgage year, up to 25% of the principal at the start of your term as lump sums, plus a payment increase of up to 25% of your payment at the start of the term, without a prepayment charge.

What terms does Tangerine offer?

Tangerine offers a closed mortgage in fixed and variable versions, with terms from 1 to 5 years, plus 7 and 10 years.

How is the Tangerine mortgage penalty calculated?

Variable mortgages are charged three months' interest. Fixed mortgages are charged the greater of three months' interest or the interest rate differential.

Is Tangerine owned by Scotiabank?

Yes. Tangerine Bank is a Schedule I bank and a wholly owned subsidiary of Scotiabank.

Are the rates on this page Tangerine's rates?

No. They are Bank of Canada averages across lenders. For Tangerine's current rates, check its mortgage rates page.

Sources

• Tangerine: Mortgages
• Tangerine: How do I make a mortgage prepayment?
• Tangerine: How prepayment charges differ between fixed and variable
• Tangerine: How can I estimate my prepayment charges?
• Tangerine: Home Equity Line of Credit
• Tangerine: About Tangerine
• Tangerine: Mortgage rates
• FCAC: Preparing to get a mortgage
• Bank of Canada: new-mortgage rate series (free at bankofcanada.ca)

This article is general information, not financial advice. Rates shown are Bank of Canada averages, not offers. Talk to a licensed mortgage professional before choosing a mortgage.