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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
A 5-year fixed mortgage has an interest rate that remains the same throughout the term of the mortgage, which in this case is 5 years. It does not increase or decrease with the change in overnight rate by the Bank of Canada. The interest rate and mortgage payments do not fluctuate until it's time for renewal or the borrower decides to refinance.
Canadians entering the homebuying market and looking for mortgage financing will find they have many options available to them.
One of those, of course, is the 5-year fixed mortgage. Simply, this option allows you to lock in a fixed interest rate for a period of five years. By doing this, risk-averse people can sleep at night knowing their mortgage rates, and monthly payments, will remain constant for a specific period, even if interest rates rise (or fall for that matter).
Having a fixed rate for a specific amount of time allows you to budget and save accordingly for other aspects of your life. You have the peace of mind that your rates will not be at the mercy of inflation or Bank of Canada decisions.
5-year fixed mortgage rates are also very popular and considered a good middle ground choice for homebuyers. Because of their popularity, the 5-year fixed rates are often the most competitive, which is also appealing to consumers.
Fixed rates tend to be higher than variable rates because you are paying a bit more for budget security. Fixed rates are mainly influenced by Bank of Canada bond yields (which are also set for 5 years) and changes in the bond market — and are set by them accordingly.
When rates are low, some homebuyers will consider variable mortgage rates, but their link to the change in interest rates can make them volatile. Homebuyers might find their rates going up dramatically, as has been the case recently as inflation has risen. That is why when interest rates rise, people like to lock into a 5-year fixed rate to ensure stability of payments and budgeting.
Let’s face it. You don’t love risk. Taking a mortgage is a big step, and you want to make sure you can sleep at night, knowing you can pay down your debt and do it securely. Here are some pros and cons to consider for taking out a 5-year fixed mortgage in Canada.
| Pros of a 5-year fixed mortgage | Cons of a 5-year fixed mortgage |
|---|---|
Stability: The 5-year fixed term means your mortgage payments remain unchanged for the entire duration of your loan. Stability can be especially beneficial for budgeting purposes on your other home or personal needs. | Limited flexibility: A 5-year mortgage fixed rate provides peace of mind but is not inherently flexible, as opposed to a 5-year variable rate, which does allow for early renewal into a fixed rate term equal to the remaining term of your variable mortgage without penalty. |
Security: The longer-term commitment offers a sense of security, shielding you from the volatility of sudden changes in interest rates or inflation. | Fear of missing out: If market interest rates fall, you’ll be stuck paying the higher rate until your term ends. |
Less renegotiation: With a 5-year fixed mortgage in Canada, you won’t have to renegotiate your mortgage as frequently, saving you time and potentially money. | Higher penalties: Penalties from your lender can be high if you choose to break the terms of your 5-year fixed rate mortgage. Interest rate differential penalties on fixed mortgage rates increase when paying out a mortgage with a currently higher rate in a lower rate environment. |
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of September 2026, the average conventional 5-year fixed rate is 4.39%. That’s 31 bps above the average high-ratio 5-year fixed rate, which stands at 4.08%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
| 12/25 | 4.48% | 4.35% |
| 01/26 | 4.59% | 4.53% |
| 02/26 | 4.55% | 4.53% |
| 03/26 | 4.34% | 4.32% |
| 04/26 | 4.32% | 4.28% |
| 05/26 | 4.36% | 4.21% |
| 06/26 | 4.38% | 4.19% |
| 07/26 | 4.37% | 4.13% |
| 08/26 | 4.39% | 4.08% |
| 09/26 | 4.46% | 4.09% |
Last Updated: September, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of September 2026, the 5-year fixed rate is 4.26%. That’s 45 bps above the 5-year variable rate, which stands at 3.81%.
| Month | Fixed | Variable |
|---|---|---|
| 10/25 | 4.64% | 4.55% |
| 11/25 | 4.65% | 4.44% |
| 12/25 | 4.67% | 4.44% |
| 01/26 | 4.73% | 4.47% |
| 02/26 | 4.67% | 4.44% |
| 03/26 | 4.44% | 4.40% |
| 04/26 | 4.40% | 4.06% |
| 05/26 | 4.34% | 3.90% |
| 06/26 | 4.34% | 3.85% |
| 07/26 | 4.27% | 3.83% |
| 08/26 | 4.26% | 3.81% |
| 09/26 | 4.30% | 3.84% |
Last Updated: September, 2026
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.
This is a personal matter that depends on your budgetary needs/constraints and your tolerance for risk. Some homebuyers like the flexibility of a variable rate mortgage and prefer that advantage. Others like the stability of a set payment for a fixed amount of time. Talk to your lender about what suits your needs best.
Getting a good rate is part of a multi-layered process. When you talk to lenders, they’ll want to know things like your income and employment history, the size of your down payment, credit score, debt levels, and assets. If you are a minimal risk and have good credit, you will probably be offered favourable rates by your lender. 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.
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.
LowestRates.ca 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.
Joel Kranc
About the Author
Joel Kranc is an award-winning writer, author and journalist. Most of his experience lies within the institutional investment and financial services space. He also covers a variety of business topics for publications in North America and the UK.
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