Variable Closed • 5 Year term
Available in AB, BC, MB, NT, ON, SK
With LowestRates.ca, you'll be able to compare the best mortgage rates from over 30 banks and brokers in just seconds. Our quotes are tailored to whatever area you live in, so you'll get the best deal in Ontario, Alberta, British Columbia, Quebec, Nova Scotia, or anywhere else in between.
It’s no surprise that Canadians are increasingly using mortgage brokers to get the lowest rates on their home loan. Brokers have access to a variety of lenders, and they can help you get access to exclusive mortgage offers you won't find anywhere else. Try our free, no obligation service, and you could save thousands every year.
QuickWhen we say, ‘just like that’, we mean it — access the best mortgage rates in seconds.
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EasyEnter your postal code to find competitive mortgage rates for the the province or territory you live in, and then pick the best rate. It's that simple.
UnbiasedWe're impartial. At LowestRates.ca, we allow banks and brokers to present their best mortgage offers to you on an even and unbiased platform.
ComprehensiveWe take ‘shopping around’ to a new level. Find the lowest mortgage rates nationwide from over 30 banks and brokers.
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Banks rarely offer their most competitive mortgage rates up front, forcing customers to negotiate discounts over the phone or in person. But we skip the “back-and-forth”, so you can go straight to the best rates available in your area. Getting a lower mortgage rate could save you thousands of dollars on interest every year.
Fixed rate mortgages offer greater security because your payments stay the same for the duration of the mortgage term, while variable rates fluctuate with market conditions, so the amount of interest you have to pay can go up or down, depending on the interest rate environment at the time. Although variable rates are riskier, they do tend to be lower than fixed rates historically.
Mortgage rates have fallen over the past year, and rates on our site continue to be more than 2 percentage points lower than posted bank rates. On a $400,000 mortgage, that average difference in rates would result in more than $100,000 of savings over the life of your loan.
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| Mar 2017 | 2.42% | 4.64% |
| Apr 2017 | 2.42% | 4.64% |
| May 2017 | 2.22% | 4.64% |
| Jun 2017 | 2.21% | 4.64% |
| Jul 2017 | 2.44% | 4.84% |
| Aug 2017 | 2.63% | 4.84% |
| Sep 2017 | 2.70% | 4.89% |
| Oct 2017 | 2.85% | 4.99% |
| Nov 2017 | 2.79% | 4.99% |
| Dec 2017 | 2.71% | 4.99% |
| Jan 2018 | 2.93% | 5.14% |
| Feb 2018 | 3.01% | 5.14% |
On a $400,000 mortgage that’s an average savings of:
We compared the 5-year fixed rate mortgages and the 5-year variable rate mortgages that Canadians have been applying for on our site since 2014. Our findings? Variable rates are almost half a percentage point lower, which translates into big savings.
| Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
|---|---|---|
| Mar 2017 | 2.42% | 1.78% |
| Apr 2017 | 2.42% | 1.79% |
| May 2017 | 2.22% | 1.75% |
| Jun 2017 | 2.21% | 1.72% |
| Jul 2017 | 2.44% | 1.88% |
| Aug 2017 | 2.63% | 1.98% |
| Sep 2017 | 2.70% | 2.12% |
| Oct 2017 | 2.85% | 2.08% |
| Nov 2017 | 2.79% | 2.04% |
| Dec 2017 | 2.71% | 1.93% |
| Jan 2018 | 2.93% | 2.11% |
| Feb 2018 | 3.01% | 2.22% |
On a $400,000 mortgage that’s an average savings of:
Hundreds of thousands of Canadians have shopped for their mortgage at LowestRates.ca, and the majority have taken 5-year variable rate loans rather than 5-year fixed rate loans.
✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.
Mortgage default insurance, commonly called CMHC insurance, protects lenders in case you default on your mortgage. If you have a down payment that’s less than 20% of your home’s price, you’re required to get mortgage insurance. And these high ratio mortgages are more common than not in Canada.
Open mortgages can be paid off at any time without penalty, while closed mortgages impose steep penalties if you pay your loan off before the end of your term. Closed mortgages tend to have lower interest rates than open mortgages.
