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5-Year Variable

Rates updated: October 5, 2022 at 7:30 AM


5-Year Fixed

Rates updated: October 5, 2022 at 7:30 AM

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What our users say:

Based on 505 reviews
September 22
Was pleasantly surprised by the prompt…
Was pleasantly surprised by the prompt response to my enquiry online. Hope it's ...
Mishu K
August 5
Received a call before I was even…
Received a call before I was even finished submitting information. Super fast se...
Robert Chiasson
August 4
Great service!
Great service!
Linda RitaOlivier
August 3
They respond very quickly
They respond very quickly. They are very understandable. The representative I sp...
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
Khalilulla Razzaque
August 2
Web page was quick and easy to use
July 30
Good experience was pretty quick
Good experience was pretty quick
Grant W.Murray
July 29
The agent was friendly
The agent was friendly, helpful and polite. All in all a good experience.
July 29
Extremely simple
Extremely simple, and fast process.
July 26
excellent, professional service
July 23
Very kind and helpful
Very kind and helpful
April Shannon
July 22
Easy to find easy to use website which…
Easy to find easy to use website which provided me with options.
Randall McLellan
July 22
Excellent service
Excellent service
Sven Zorz
July 21
They were great
They were great
July 21
Excellent pricing
Excellent pricing
pankaj joshi
June 27
I asked for the best mortgage rate & I got my answer
I asked for the best mortgage rate to the application detail I sent & I got a s...
Issa Horani
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
Amir Isakovic
March 15
Very good.
Very good, and the Rates you have stated is great. Please wait till I see the ba...
Ian Stevens
March 10
Good customer service
Good customer service
Lina Bella
March 3
Great team and amazing communication…
Great team and amazing communication skills. Very straight forward to get an est...
Andre F MPereira
January 8
fast and easy
fast and easy
moira fortin
November 4
It was a good experience
It was a good experience
October 26
Easy to use
Easy to use, easy to find the result that you're looking for! 5 star coverage!
October 15
Great service and very helpful :) would…
Great service and very helpful :) would definitely recommend
Emily Peacock
October 14
It's great
It's great, found the best rates.
Chirath Ranaweera
October 14
Fast and pleasant experience
Fast and pleasant experience. Saved a lot of money too!
October 14
Fast response
Fast response
October 13
From the online process to the first…
From the online process to the first contact speaking to a rep it’s was a good...
Rose Daniel
October 13
A very pleasant contact
A very pleasant contact, without rep talking over my head., It was very infor...
Margaret Markson

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5-year fixed-rate mortgages in Canada: What you need to know.

The mortgage type most favoured by Canadians is the 5-year fixed-rate mortgage. Five years is long enough to provide a sense of stability while also allowing room for Canadians who want to take advantage of shifting interest rates.

Keep reading to learn more about how to qualify for the lowest rates on 5-year fixed mortgages.

If you’re ready to compare 5-year fixed mortgage rates right now, choose one of the options above. If you’re renewing, refinancing, or are a first-time homebuyer, can help you find a cheaper rate.

We compare mortgage rates from Canada’s preeminent banks and brokers. Our rates are updated throughout the day, so you know you’ll always see the most current 5-year fixed mortgage rates.

Your questions about 5-year fixed-rate mortgages, answered.

When should you consider a 5-year fixed-rate loan?

A 5-year fixed-rate mortgage is the most popular mortgage rate in Canada — and for good reason. It offers the perfect balance of great rate and desirable terms. A 5-year fixed rate should be considered by every borrower, since it’s provided by all mortgage lenders and, therefore, one of the easiest to compare to find the best rate. According to Mortgage Professionals Canada, 74% of all mortgages funded in 2020 were fixed-rate mortgages and the majority of those were five-year terms.

Are 5-year fixed-rate mortgages better than other mortgage terms?

Because a 5-year fixed-rate is the most popular mortgage term in Canada, it’s also the most widely available. That makes it one of the most attractive for mortgage borrowers because there are so many offerings in the market. It’s one of the easiest mortgages to compare to try to get the best rate and, since it strikes a good balance between good rate and confidence-inspiring terms, it is one of the most desirable mortgages in Canada. While no term is necessarily the best term, there’s good reason 5-year fixed rates are the most popular mortgage types in Canada.

What is a good 5-year fixed mortgage rate?

Getting a good mortgage rate depends on a number of factors. Lenders will look at a number of factors when determining the rate a borrower can qualify for. These include the borrower’s income and employment history, the size of your down payment, credit score, debt levels, and assets. Lenders offer their best rates to borrowers they consider the most creditworthy, which means borrowers that have a high credit score and good credit history, a good, stable source of income, and low debt levels. Since mortgage rates are constantly fluctuating, it’s important to compare your options to ensure you’re getting the best mortgage for your particular situation.

How is the 5-year fixed mortgage rate set?

All fixed-rate mortgages in Canada are influenced by the government bond market. A bond is a type of investment offered by banks and lenders where the investor lends the government a set amount of money for a predetermined amount of time. In exchange, the government provides a set amount of interest for the investor that is earned over time. Once a bond’s term is up, the principal investment is returned to the investor. When bond yields go up, fixed rates go up and when bond yields go down, fixed rates go down. The reason for this is that since bonds are one of the safest types of investments, lenders use them to cover the cost of mortgages.

How much can you save comparing 5-year fixed rates in Canada with

The mortgage term defines how long you’ll be locked into your mortgage contract. The contract stipulates how interest will be calculated and whether you will have any prepayment privileges. After the term ends, you will be able to renegotiate your mortgage contract (also called renewal). It takes many terms to pay off a mortgage in full. has helped our users save $1 billion in interest and fees. Because mortgage amortization periods in Canada are long, typically ranging from 25 to 30 years, the amount of money you can save over the life of a mortgage is significant, even if you’re only saving a fraction of a percentage point during each of your mortgage terms.

Alexandra Bosanac

Alexandra Bosanac

About the Author

Alexandra Bosanac is the Core Content Manager for Her reporting has appeared in Canadian Business, the Toronto Star, the National Post, and the CBC.

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