MCAP 5-year variable mortgage rate.
Today’s best 5-year variable in our network is 3.44%. We access MCAP’s broker-channel pricing — typically 15-30 bps below posted — and compare it across 100+ lenders.
The network’s best 5-year variable rate today is approximately 3.44% through the broker channel — about $2,778/month on a $700,000 home with 20% down over 25 years. A 5-year variable is the term for borrowers who expect rates flat-to-lower and want the cheapest exit. MCAP prices through brokers only, so this sheet is the one that exists — we compare it against the rest of the network.
The 5-year variable with MCAP
MCAP on this term. MCAP isn't currently posting a broker-channel 5-year variable on our rate board, so the rate above is the best 5-year variable across our 100+ lenders — not MCAP's own. For this term we shop your file across the full shelf, MCAP included, and bring back the sharpest fit.
Who it suits. Borrowers comfortable with some payment movement in exchange for a usually-lower starting rate and a far cheaper break cost. It suits people who might move, refinance, or sell within the term, and those who believe the Bank of Canada's next moves are cuts rather than hikes.
What drives the rate. A 5-year variable moves with your lender's prime rate, which tracks the Bank of Canada's overnight policy rate. When the Bank cuts, your rate (and often your payment) falls within weeks; when it hikes, it rises. The variable-versus-fixed gap — the 'spread' — widens and narrows with the market's rate outlook.
Breaking it early. The break penalty is only three months' interest — typically a fraction of a fixed mortgage's IRD — which is the single biggest reason mobile or uncertain borrowers choose variable.
How MCAP prices the broker channel
Canada's largest non-bank mortgage funder. Typically prices 10-25 bps below the Big-6 on insured purchases. The MCAP Eclipse program is one of the few alt-A monoline programs at competitive rates. Broker-channel only.
MCAP has a single 5-year variable rate sheet and it is wholesale — published to licensed brokers, with no retail counterpart, because origination is the broker’s job rather than a branch network’s. That is why their pricing is often sharp: the cost the Big-6 carry in branches is not in it. On a $700,000 mortgage, 20 bps is roughly $1,400 a year, which is the size of the gap worth shopping for.
- Aggressive insured pricing
- Fair-IRD penalty calculation
- MCAP Eclipse alt-A program
- BFS-friendly full-doc files
A worked example
On a $700,000 home with 20% down, the mortgage is $560,000. At the network’s best 5-year variable rate of 3.44% over a 25-year amortization, the payment is about $2,778/month. MCAP does not lend direct to the public, so this rate only exists through a licensed brokerage — and on the same application we price it against the rest of the network rather than taking it on its own. Model your numbers in the payment calculator.
Whatever your situation with MCAP
We submit to MCAP's broker desk and 100+ other lenders on one application — whichever prices your file lowest wins.
First-time buyers
5% down with FHSA + RRSP HBP optimization — MCAP or whichever lender prices you lowest.
Refinancing
Unlock equity for renovations, debt consolidation or investing.
Renewing
Don't auto-renew with MCAP — most clients beat the first offer by 30-60 bps.
Self-employed
Business-for-self files priced right across A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
Breaking an MCAP mortgage
Estimate the IRD or three-months-interest penalty before you switch out of MCAP.
6 reasons to get MCAP's 5-year variable through a broker
MCAP lends through brokers only — here is what that changes about getting their best 5-year variable.
Access the broker channel
MCAP funds exclusively through the broker channel — there is no branch or website that will sell you this 5-year variable directly, so a licensed brokerage is the only route to it.
MCAP and 100+ others compete
We submit your file to MCAP's broker desk and the rest of the network on one application, so you get MCAP's best and the market's best side by side.
No bureau pull to start
We can shop your MCAP 5-year variable rate without a hard credit check, so comparing costs you nothing.
We handle the paperwork
From application to MCAP's underwriting to funding, we manage the file end-to-end.
Switch or renew without overpaying
At maturity we benchmark MCAP's renewal/switch offer against the whole market so you never auto-renew high.
Best-rate guarantee
We'll beat any comparable Big-6 5-year variable offer or pay you $500 — keep it, or we'll donate it to your favourite charity — and our advice is free, paid by the funding lender.
Why shop MCAP through us
- Direct access to MCAP's broker desk — plus 100+ other lenders on one application.
- Broker-channel pricing 15-30 bps below MCAP's posted rate.
- One application, every lender — MCAP's best and the market's best, then you choose.
- FSRA-licensed advice, no bureau pull to start, best-rate guarantee or $500 (you or your charity).