Variable Rates Follow the lenders Prime Rate. The lender prime rate comes from the Bank of Canada's overnight lending rate. Currently, June 15/22, the overnight lending rate is 1.50% and the Prime lending rate is 3.70% (at 99% of lenders in Canada). One major bank charges more than any other Canadian Mortgage Co/bank as of today. Fixed Rates Follow the Canadian Bond Market. The bond market is impacted by growth and inflation.