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Today’s lowest 5-year fixed
mortgage rate in:

0.00%

5-Year Variable

Rates updated: September 23, 2023 at 7:30 AM

4.89%

5-Year Fixed

Rates updated: September 23, 2023 at 7:30 AM

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The best current mortgage rates in Canada

Check out today's best mortgage rates in Canada by type and term.

Rates are based on an average mortgage of $300,000
 Insured ?

The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.

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 ?

The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.

Bank Rate ?

Bank Rate is the mortgage interest rate posted by the big banks in Canada.

 
1-year fixed rate
Insured
6.44%
80% LTV
5.59%
65% LTV
5.59%
Uninsured
6.19%		7.25%
 
2-year fixed rate
Insured
5.15%
80% LTV
5.45%
65% LTV
5.45%
Uninsured
6.34%		6.89%
 
3-year fixed rate
Insured
5.29%
80% LTV
5.3%
65% LTV
5.3%
Uninsured
5.79%		6.5%
 
4-year fixed rate
Insured
5.39%
80% LTV
5.3%
65% LTV
5.3%
Uninsured
5.54%		6.29%
 
5-year fixed rate
Insured
5.19%
80% LTV
4.99%
65% LTV
4.99%
Uninsured
5.34%		5.74%
 
7-year fixed rate
Insured
5.39%
80% LTV
5.84%
65% LTV
5.84%
Uninsured
5.94%		6.39%
 
10-year fixed rate
Insured
5.29%
80% LTV
6%
65% LTV
6%
Uninsured
6%		7.25%
 
3-year variable rate
Insured
6.1%
80% LTV
6.4%
65% LTV
6.4%
Uninsured
6.1%		8.6%
 
5-year variable rate
Insured
5.95%
80% LTV
6.1%
65% LTV
6.1%
Uninsured
6.1%		6.7%
 
HELOC rate
Insured
7.2%
80% LTV
7.2%
65% LTV
7.2%
Uninsured
7.2%		N/A
 
Stress test
Insured
5.99%
80% LTV
6.89%
65% LTV
6.89%
Uninsured
6.99%		N/A

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, LowestRates.ca 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 LowestRates.ca?

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.

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.

Alexandra Bosanac

Alexandra Bosanac

About the Author

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

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