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When you find the best quote, secure your rate by talking to a licensed broker or agent.
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 fixed closed mortgage rate is the most common type of mortgage rate.
The fixed part means the rate is locked in for the entire term (e.g., 5 years). It doesn't move even if market rates go up or down. This gives you predictable payments, but you don't benefit if rates drop, and you're protected if they rise.
The alternative is a variable rate, which moves with the lender's prime rate, so your payments (or the portion going to interest/principal) can change over the term.
The closed part refers to how much flexibility you have to pay off the mortgage early. A closed mortgage restricts prepayments — you're generally limited to modest annual lump-sum payments (often 10-20% of the original principal) or slightly higher regular payments, and if you want to pay it off in full, refinance, or break the term early, you'll usually face a prepayment penalty.
The alternative is an open mortgage, which lets you pay off any amount, anytime, without penalty — but this flexibility usually comes with a noticeably higher interest rate.
Want the security of knowing your mortgage rates won’t increase anytime soon? Like the predictability of payments that stay the same every month? If you answered yes to both questions, then you’ll want a fixed closed mortgage.
Fixed closed mortgages bring you peace of mind: they're simple and easy to understand, and your rates stay the same for the duration of your selected term.
In today’s market, you'll find that fixed closed mortgages also offer remarkably low interest rates. And, as an added benefit of this type of mortgage, most lenders let you make yearly lump-sum payments, which means you can actually become mortgage-free ahead of schedule.
You can get started by selecting a fixed rate mortgage product from the rate chart above.
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Are you hoping to find a fixed closed mortgage with zero fees attached? Unfortunately, that's not something you'll find anywhere in Canada. Every mortgage, no matter the type or term, comes with some combination of costs.
What can differ from lender to lender is how much you'll pay and when. Understanding these costs upfront helps you compare offers accurately and avoid surprises later.
Most fees fall under your closing costs, which typically run between 1.5% and 4% of your home's purchase price. These usually include:
You'll also want to budget for other closing-related costs, like legal fees, land transfer tax, and property tax adjustments.
Prepayment penalties
This is where fixed closed mortgages differ most from open ones. Because you're agreeing to a locked-in rate for a set term, paying off your mortgage faster than your contract allows can trigger a penalty. For fixed-rate mortgages, this is usually calculated using the interest rate differential (IRD) or three months' interest, whichever is greater.
That said, most closed mortgages come with prepayment privileges that let you pay extra without penalty, often up to 10% to 20% of your original principal each year. Always check your specific contract, since these allowances vary by lender.
While a completely fee-free fixed closed mortgage isn't realistic, knowing what to expect puts you in a much stronger position to compare offers and negotiate.
LowestRates.ca can help you compare today's best fixed closed mortgage rates from top lenders across Canada. Just use the mortgage quoter at the top of the page.
There's no one lender that offers the lowest rate to every borrower. Rates are personalized based on how much risk you represent to a lender, so the stronger your financial profile, the better your odds of landing a great rate.
Lenders tend to offer their best rates to borrowers who:
Meeting these benchmarks opens the door to more lenders competing for your business, which usually means better rates and terms.
So rather than asking "what's the best fixed closed mortgage rate," it's more useful to ask what rate you're likely to qualify for given your own financial picture.
Both routes can lead to a great fixed closed mortgage rate. Which one is right for you depends on more than just the interest rate on offer.
Brokers
Brokers work with multiple lenders at once, which means they can shop your application around and compare options on your behalf. They usually earn a commission from the lender rather than charging you directly, and their access to bulk lender relationships can sometimes translate into lower rates than you'd get walking into a bank branch.
Banks
Going directly to a bank appeals to borrowers who value an established relationship or brand familiarity. If you're already a customer, the bank may have quicker access to your financial history, which can speed up approval. Keep in mind banks only offer their own products, so you'll need to shop around yourself if you want to compare rates. Banks also tend to have stricter approval criteria, which can be a hurdle for self-employed borrowers or those with less conventional income.
Finding the best mortgage product
Instead of committing to one path before you've seen your options, compare rates from both banks and brokers side by side. LowestRates.ca lets you do exactly that, so you can find the fixed closed mortgage that fits your needs.
The "closed" in fixed closed mortgage refers to how much flexibility you have to pay down or pay off your mortgage before the end of your term.
With a closed mortgage, you agree to a set rate and term in exchange for a lower interest rate than you'd get with an open mortgage. In return, your ability to make extra payments is limited, usually to a set percentage of your original principal each year. Pay more than that, or pay off the mortgage entirely, and you'll likely face a prepayment penalty.
With an open mortgage, you can pay down or pay off any amount at any time without penalty. That flexibility comes at a cost, though, since open mortgages typically carry noticeably higher interest rates than closed ones.
For most homebuyers who plan to make regular, predictable payments and don't expect to pay off their mortgage early, a fixed closed mortgage tends to offer the better deal. Open mortgages tend to make more sense for people expecting a windfall, like an inheritance or business sale, who want the freedom to pay off their loan quickly without being penalized.
To see how fixed closed mortgage rates stack up against your other options, use LowestRates.ca to start comparing today.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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