Rates are updated manually. Published rates are for reference and are subject to change without notice. Contact Bonnie directly for the most current, real-time rates available from the bank — posted rates are frequently the starting point for a better conversation.
Last updated: May 2026

Working with one of the largest lenders in Canada allows Bonnie to offer some of the most competitive mortgage rates available in Kelowna. Promotions and incentive programs are continually updated — and the rates listed here are updated manually when they change.

You’ll only deal with one person from quote to funding: Bonnie Thorlakson. No handoffs, no surprises.

Fixed Rate Closed Mortgages

A fixed-rate closed mortgage locks your interest rate and payment for the full term. The most popular choice for buyers who want predictability — you know exactly what you’ll pay each month and for how long.

Fixed rate closed mortgages are home loans with a fixed interest rate for the duration of the term. Popular with buyers who want certainty around monthly payments and a clear payoff timeline.

Term Rate
1 year4.99%
2 years5.24%
3 years6.64%
4 years6.19%
5 years6.49%
7 years6.30%
10 years6.79%
Want better rates?  Call or text Bonnie for current specials not listed here.

Fixed Rate Open Mortgages

A fixed-rate open mortgage lets you pay off the full balance at any time without a prepayment penalty. You get the predictability of a fixed rate with the flexibility to exit early — at a slightly higher rate than a closed mortgage.

With a fixed-rate open mortgage, the entire balance can be paid off in part or in full at any time. The contract can also be refinanced or renegotiated without penalty — making this appealing to buyers who may need flexibility within their repayment schedule.

Open mortgages carry slightly higher interest rates, with terms typically ranging from 6 months to 5 years.

Term Rate
6 months10.00%
1 year10.00%
Want better rates?  Call or text Bonnie for current specials not listed here.

High-Ratio Mortgages

A high-ratio mortgage is required when your down payment is less than 20% of the purchase price. In Canada, CMHC mortgage default insurance is mandatory for these loans. The good news: high-ratio insured mortgages often carry lower interest rates than conventional mortgages.

In Canada, buyers must put down a minimum of 5% on properties under $500,000, rising to 10% for any portion above $500,000 (up to $999,999). Homes over $1 million require a 20% down payment.

A high-ratio mortgage results when the loan-to-value (LTV) exceeds 80%. Mortgage default insurance is required, which protects the lender and often results in access to lower rate tiers.

Term Rate
5-year fixed closed6.49%
5-year variable flex4.45%
Want better rates?  Call or text Bonnie for current specials not listed here.

Questions about Mortgage Rates in Kelowna?

Bonnie can walk you through the right rate structure for your situation — fixed vs. variable, open vs. closed, and what terms actually serve your goals.

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Convertible Mortgages

A convertible mortgage lets you start with an open mortgage and lock into a closed mortgage later in the same term — without penalty. Ideal for buyers who want flexibility now, with the option to lock in if rates start rising.

A convertible mortgage allows the homeowner to change the type of mortgage throughout the current term. Great for buyers who want to start with an open mortgage while retaining the ability to lock into a closed mortgage if interest rate conditions change.

Term Rate
6 months7.55%
Want better rates?  Call or text Bonnie for current specials not listed here.

Variable Flex Mortgage

A variable flex mortgage gives you a variable interest rate with the flexibility to make annual prepayments of up to 20% without penalty. If the prime rate falls, more of your payment goes to principal. If it rises, more goes to interest.

Variable-rate mortgages have interest rates that move with the lender’s prime rate, which is tied to the Bank of Canada’s key interest rate. Rate changes can take up to a week or more to appear after a Bank of Canada announcement.

Term Rate
3-year fixed closed4.45%
5-year variable4.45%
Want better rates?  Call or text Bonnie for current specials not listed here.

Variable Rate Open Mortgages

Variable-rate open mortgages combine a floating interest rate with full prepayment flexibility. You can pay off the mortgage at any time without penalty. The trade-off is a slightly higher rate than a variable closed mortgage.

Variable-rate open mortgages carry slightly higher rates than their closed counterparts, but allow the borrower to pay off the full mortgage at any time and refinance without penalty. Like all variable products, the rate adjusts with the lender’s prime rate. Rate adjustments can take up to a week or more after a central bank announcement.

Term Rate
5-year variable7.75%
Want better rates?  Call or text Bonnie for current specials not listed here.

Contact Bonnie Thorlakson today to discuss your options and the different mortgage rates available in Kelowna and across the Okanagan: (250) 300-4845.