TD Prime Rates for TD Variable Mortgages & Other Products

This Page's Interest Rates Were Last Updated: January 04, 2023
This Page's Content Was Last Updated: January 04, 2023
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TD Prime Rate Today
TD Prime Rate: 6.7%
TD Mortgage Prime Rate: 6.85%
Today’s TD Bank Prime Rates are current as of January 27, 2023

About TD's Prime Rate

As of January 27, 2023, TD’s Prime Rate is currently 6.7%, while TD’s Mortgage Prime Rate is currently 6.85%. TD's prime rate is used to determine the interest rates on various borrowing products, such as mortgages, lines of credit and other loans. With TD, there is a separate Mortgage Prime Rate used for their variable rate mortgages that is 0.15% above the bank’s main prime rate. TD is the only major bank in Canada to use a different prime rate for mortgages.

Did TD’s Prime Rate Go Up or Down?

The last time that TD’s prime rate changed was an increase of 0.25% on January 25, 2023. Before that, TD’s prime rate was 6.45%. Now, TD’s prime rate is currently 6.7%.

TD Prime Rate History

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
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What is the Prime Rate in Canada Used For?

The prime rate in Canada is typically used as the basis for setting interest rates on many consumer and business loans, such as variable rate mortgages, car loans, HELOCs, lines of credit and student loans.

Prime rates in Canada follow movements in the Bank of Canada’s policy interest rate. If the Bank of Canada announces a rate hike, then TD will usually announce an increase in its prime rate on the same day, with the new prime rate being effective the following business day. That’s because each bank sets their own prime rate. Usually, TD’s prime rate is the same as the prime rates of other major banks in Canada.

How Did TD’s Latest Prime Rate Change Affect Your Mortgage?

The latest 0.25% increase in TD’s prime rate meant that interest rates will be going up for borrowers with a variable mortgage rate. Just how much would TD’s latest prime rate change cost you?

On a $500,000 mortgage, a 0.25% increase in the prime rate would cost you approximately $104.17 per month.

Enter your mortgage balance below to see how TD’s latest prime rate change would affect your mortgage.

Calculate the Impact of TD’s Latest Prime Rate Change
Mortgage Balance:
Previous Prime Rate:
New Prime Rate:
$208.33 more interest per month on your mortgage. This change would cost you more money.
Note: Values are estimates only.

Impact of TD’s Prime Rate Change of 0.5%

Mortgage BalanceEffect On Monthly Interest
$100,000$41.67 more per month
$200,000$83.33 more per month
$300,000$125.00 more per month
$400,000$166.67 more per month
$500,000$208.33 more per month
$600,000$250.00 more per month
$700,000$291.67 more per month
$800,000$333.33 more per month
$900,000$375.00 more per month
$1,000,000$416.67 more per month

TD’s Prime Rate and Variable Mortgage Rates

TD’s variable mortgage rates are based on a discount or premium to TD’s mortgage prime rate. For example, you might be given a 0.4% discount from prime for a 5-year closed variable mortgage. If the mortgage prime rate is currently 6.7%, then the variable mortgage rate would be 6.3%. This is from the following steps:

6.7% - 0.4% = 6.3%

Since TD’s variable mortgage rates are dependent on the prime rate, any change in the prime rate will also cause your variable rate to change. If the prime rate increased by 1%, then your variable mortgage rate would increase by 1% too.

Variable-rate mortgage borrowers will see an immediate impact on their mortgage when prime rates change, as the interest portion of their mortgage payment will change. However, unless you have an adjustable-rate mortgage, the amount of your regular mortgage payment will not change. The only thing that changes is how much of your payment goes towards paying interest. This can affect your mortgage amortization and how long it takes to pay off your mortgage.

Some borrowers might have a variable rate at a premium to prime. For example, an open mortgage gives more flexibility in terms of prepayment abilities and lack of mortgage penalties, which comes with a higher rate. A 5-year open variable mortgage might be set at a 1% premium to the prime rate, rather than at a discount to it.

Do Changes in The Prime Rate Affect TD Fixed Mortgage Rates?

Changes in the prime rate do not have an immediate effect on your fixed mortgage. That’s because with a fixed-rate mortgage, your mortgage rate has been locked in for the length of your term. However, you’ll feel the effects of interest rate changes when your term is over and you have to renew your mortgage.

For borrowers that don’t have a fixed mortgage yet but are looking to get one, changes in the prime rate don’t directly influence current fixed mortgage rates, but it may signal wider movements or trends in the market. In Canada, fixed mortgage rates are usually based on government bond yields.

TD Bank Fixed Mortgage Rates

Mortgage Amount:
Payment Frequency:
TermRateMonthly Payment
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
6-Year Fixed
7-Year Fixed
10-Year Fixed

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

TD Bank Variable Mortgage Rates

Mortgage Amount:
Payment Frequency:
TermRateMonthly Payment
5-Year Variable

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

TD Lines of Credit

TD offers various line of credit options with variable interest rates based on the prime rate. This includes personal lines of credit, student lines of credit, investment secured lines of credit, and home equity lines of credit (HELOCs).

TD Personal Line of Credit

With an unsecured personal line of credit, you can borrow as much or as little as you need up to your approved limit whenever you need it. With TD, your credit limit can be from $5,000 to as high as $50,000. It has a "competitive" interest rate based on prime. You can also choose to lock in a fixed interest rate for some or all of your balance.

TD Student Line of Credit

TD Student Line of Credit is a unique financial solution designed specifically for post-secondary students. It offers access to low-interest credit and can be used to help pay for tuition, books, living expenses, and more. With TD Student Line of Credit, you can borrow up to $80,000 for undergrads and up to $325,000 for professional and graduate students. Only interest payments are required during your studies, and you have 2 years (24 months) after leaving school before you have to make any principal payments.

The interest rate varies based on your program. The current TD student line of credit rates are shown below.

TD Student Line of Credit Rates

Current Interest Rates as of January 27th, 2023

Undergraduate Students: Starting from 7.70% (Prime + 1%)

Graduate Students: Starting from 7.20% (Prime + 0.5%)

Professional Programs*: Starting from 6.70% (Prime)

Medical, Dental, and Veterinary Students: Starting from 6.45% (Prime - 0.25%)

*Includes MBA, MFin, Optometry, Pharmacy, and Law students

Investment Secured Line of Credit

If you have investments, you can use it as collateral to get a secured line of credit. This offers a lower interest rate than unsecured lines of credit. Just like other TD lines of credit, the investment secured line of credit has a rate based on prime.

Home Equity Line of Credit

TD’s home equity line of credit (HELOC) is called the TD Home Equity FlexLine. It's secured based on your home equity, which means that you can borrow a large amount of money, up to 80% of your home's value, at a low interest rate based on prime.


When deciding which GIC is right for you, it's important to keep an eye on changes in both the prime rate and current market conditions as these can affect GIC rates at any given time. The TD GIC rates below are current as of January 27, 2023.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.