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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 4.99%	80% LTV 5.6%	65% LTV 5.6%	Uninsured 6.69%	6.79%
2-year fixed rate	Insured 5.67%	80% LTV 5.3%	65% LTV 5.3%	Uninsured 6.04%	6.39%
3-year fixed rate	Insured 4.79%	80% LTV 4.94%	65% LTV 4.94%	Uninsured 4.94%	5.55%
4-year fixed rate	Insured 4.94%	80% LTV 4.94%	65% LTV 4.94%	Uninsured 5.09%	5.29%
5-year fixed rate	Insured 4.74%	80% LTV 4.79%	65% LTV 4.79%	Uninsured 4.94%	4.84%
7-year fixed rate	Insured 4.94%	80% LTV 5.29%	65% LTV 5.29%	Uninsured 5.09%	5.9%
10-year fixed rate	Insured 5.74%	80% LTV 5.89%	65% LTV 5.89%	Uninsured 5.84%	7.25%
3-year variable rate	Insured 6.1%	80% LTV 6.7%	65% LTV 6.7%	Uninsured N/A	8.6%
5-year variable rate	Insured 5.9%	80% LTV 6.1%	65% LTV 6.1%	Uninsured 6.25%	6.59%
HELOC rate	Insured 7.2%	80% LTV 7.2%	65% LTV 7.2%	Uninsured 7.2%	N/A
Stress test	Insured 6.74%	80% LTV 6.79%	65% LTV 6.79%	Uninsured 5.25%	N/A

6-year fixed-rate mortgages in Canada: what you need to know.

If you’re comparing deals on six-year fixed-rate mortgages today, it’s probably because you want to lock in your interest rate over the long-term as a hedge against future rate increases.

However, most Canadians do not choose 6-year fixed-rate mortgages and the ones who do have very specific needs. Five years is the most popular term length as it provides security as well as flexibility — and the rates are cheaper than the ones on 6-year mortgages.

Finding the lowest interest rate on a mortgage will save you thousands of dollars in both the short and long term. LowestRates.ca allows Canadians to compare mortgages from many different lenders so you can immediately see which one is offering you the best deal.

We currently offer the ability to compare rates on 3 and 5-year mortgages, as they are the most popular terms with Canadian homebuyers.

However, we can still help you find the best 6-year fixed-rate mortgage today. We recommend filling out a quote for a 5-year fixed-rate mortgage. Interest rates on 5-year mortgages are more likely to be in the same ballpark as the rates on 6-year terms — in all likelihood, 5-year mortgages will probably be even cheaper.

Next, we will connect you to a mortgage broker. If you still believe that a 6-year mortgage is the right term length, your mortgage broker should be able to show you the current 6-year fixed mortgage rates from various Canadian mortgage brokers.

Not ready to start shopping for a mortgage just yet? Keep reading to learn more about how to qualify for the lowest rates on 6-year fixed mortgages.

Your questions about 6-year fixed-rate mortgages, answered.

When should you consider a 6-year fixed-rate loan?

When it comes to mortgage terms, six years is a very specific amount of time — you might want to consider a 5-year fixed rate, which is the most commonly chosen mortgage term in Canada. However, you might choose a 6-year fixed rate mortgage if you plan to move or pay off your mortgage in exactly six years. Some lenders in Canada do offer 6-year fixed-rate mortgages, so you can compare how those rates stack up against 5- or 7-year fixed rates and see what works best for you.

Are 6-year fixed-rate mortgages better than other mortgage terms?

Not necessarily. Six-year fixed rate mortgages tend to live in the shadow of their more popular counterpart, the 5-year fixed rate — some lenders don’t offer 6-year fixed mortgage rates at all. Because shorter mortgage terms generally have lower rates, you’ll likely get a better rate if you go with a 5-year fixed rate. However, what’s “better” depends on how many years you have left to pay off your mortgage and how long you want to stay in your home.

What is a good 6-year fixed mortgage rate?

Besides current interest rate trends and what Canadian lenders are offering in the market, a good mortgage rate depends on what you qualify for based on your income, credit score, debt ratios and down payment. Mortgage rates are always changing and can be very individualized, so the best way to see what you qualify for is to compare quotes from banks and brokers across Canada using LowestRates.ca.

How is the 6-year fixed mortgage rate set?

Fixed mortgage rates are influenced by the Government of Canada’s bond market. A government bond is a type of investment where the investor lends the government money for a set amount of time. During that time, the investor receives regular interest payments. When that time is up, the full value is repaid to the investor. Because bonds are the safest type of investment, banks and other lenders use bond yields to cover the cost of mortgages, which are much riskier from a lender’s standpoint. When bond yields go up, mortgage rates will also rise.

How much can you save comparing 6-year fixed rates in Canada with LowestRates.ca?

So far, LowestRates.ca has helped our users save $1 billion in interest and fees. When it comes to mortgage rates, even a decimal point or two can save you thousands of dollars in interest payments over the life of your mortgage. Most lenders don’t offer their best rates up front, but LowestRates.ca aggregates the best rates from banks and brokers across Canada and lets them compete for your business. Mortgage rates vary in different housing markets across Canada, so it’s best to get a personalized quote.