Fixed Rate Explorer

Compare Fixed Mortgage Terms

Lock in your rate. Select a term length below to instantly find the lowest fixed rates available in Canada.

1 Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 10 Years
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Yrs
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Scotiabank
5.99%
Interest Rate
4 Years • Fixed
4 Year Fixed Closed
Payment & Cost
Est. Monthly Payment $1,835
Interest (5yr) $81,341
Interest (4 Years) $65,779
Inquire
Unlock a preferred mortgage rate with the Scotia Mortgage+ Program when you bundle your eligibl... Show more
Cash back: You can receive up to 5% of your mortgage principal amount, up front.
TD Canada Trust
Ratings
Google: 4
Trustpilot: 4.5
RateBuddy: 4.8
5.99%
Interest Rate
4 Years • Fixed
4 Year Fixed Closed
Payment & Cost
Est. Monthly Payment $1,835
Interest (5yr) $81,341
Interest (4 Years) $65,779
Inquire
Eligible mortgages may qualify for up to $5,100 in cashback. Offer ends August 31, 2026.
EQ Bank
6.19%
Interest Rate
4 Years • Fixed
4 Year Fixed Standard Mortgage
Payment & Cost
Est. Monthly Payment $1,870
Interest (5yr) $84,169
Interest (4 Years) $68,047
Inquire
Equitable Bank offers flexible mortgage solutions with competitive rates, designed to help you ... Show more
Meridian Credit Union
6.19%
Interest Rate
4 Years • Fixed
4 Year Closed Mortgage
Payment & Cost
Est. Monthly Payment $1,870
Interest (5yr) $84,169
Interest (4 Years) $68,047
Inquire
Secure your rate for up to 120 days. Take advantage of generous 20/20 prepayment privileges and... Show more
Laurentian Bank of Canada
6.19%
Interest Rate
4 Years • Fixed
4 Year Fixed Mortgage
Payment & Cost
Est. Monthly Payment $1,870
Interest (5yr) $84,169
Interest (4 Years) $68,047
Inquire
Rates guaranteed for up to 120 days. Benefit from flexible conversion options on select variabl... Show more
B2B Bank
6.19%
Interest Rate
4 Years • Fixed
4 Year Closed Mortgage
Payment & Cost
Est. Monthly Payment $1,870
Interest (5yr) $84,169
Interest (4 Years) $68,047
Inquire
B2B Bank provides comprehensive mortgage solutions exclusively through independent financial pr... Show more
Servus Credit Union
10.49%
Interest Rate
4 Years • Fixed
4 Year Fixed Mortgage
Payment & Cost
Est. Monthly Payment $2,689
Interest (5yr) $145,839
Interest (4 Years) $117,350
Inquire
Earn up to $3,000 right away with a Profit Share Rewards cash advance on your mortgage.
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How to Choose the Right Fixed Term

Choosing a term is about balancing your need for stability with your future plans. Here’s a simple guide to help you decide:

Short Terms (1-3 Years)

Best for flexibility. Choose a shorter term if you believe rates might drop soon, or if you anticipate selling your home or refinancing within the next few years. This helps you avoid potentially large prepayment penalties.

The 5-Year Term

The most popular choice in Canada. A 5-year term offers a great balance of stability and a competitive interest rate. It's the "gold standard" and an excellent option for most first-time home buyers and those looking for predictability.

Long Terms (7-10 Years)

Best for maximum stability. If you're in your "forever home" and want to lock in a rate for the long haul, this provides ultimate peace of mind. Your payments are set for up to a decade, protecting you completely from rate hikes.

Pro Tip: What if You Move?

The biggest risk of a long term is needing to move before it ends. To avoid huge penalties, ask if the mortgage is "portable". A portable mortgage lets you take your existing rate and term with you to a new property, saving you thousands. It's a crucial feature for long-term flexibility.

Mortgage Rates by Lender

Compare rates from Canada's top banks and credit unions.

RBC
RBC Royal Bank Big 5 Bank
TD
TD Canada Trust Big 5 Bank
BNS
Scotiabank Big 5 Bank
BMO
BMO Bank of Montreal Big 5 Bank
CIBC
CIBC Big 5 Bank
NBC
National Bank Major Bank
ING
Tangerine Digital Bank
ATB
ATB Financial Alberta Focus
DES
Desjardins Credit Union
MER
Meridian Credit Union
SER
Servus Credit Union
VAN
Vancity Credit Union
1ST
Connect First Credit Union
FW
First West Credit Union

Example Penalty on a $400,000 Mortgage:

3 Months' Interest Based on your contract rate (e.g., 5.0%). ~$5,000
IRD Penalty Based on the difference between your rate and current rates. ~$12,500+

In this case, the lender would charge the higher IRD penalty.

Understand the Penalty

Before choosing a longer term for its stability, always ask your lender how the **prepayment penalty** is calculated if you need to break your mortgage early.

For fixed-rate mortgages, this penalty is often the greater of 3 months' interest or the **Interest Rate Differential (IRD)**. The IRD can be very expensive, so it's a crucial factor to consider.

Best Rates by Province

Compare regional lending criteria and exclusive local offers.

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SK
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Frequently Asked Questions

The 5-year fixed-rate mortgage is by far the most popular choice for Canadian homeowners. It offers a great balance of stability with a term that isn't excessively long, aligning well with many people's financial planning cycles.

You might choose a shorter term (like 2 or 3 years) if you expect interest rates to decrease in the near future. This allows you to renew sooner at a potentially lower rate. It's also a good option if you think you might sell your home or want to refinance before the 5-year mark, as breaking a shorter-term mortgage often results in a lower penalty.

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