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
$
$
%
Yrs
Reset
Vancity
9.75%
Interest Rate
1 Year • Fixed
1 Year Open Mortgage
Payment & Cost
Est. Monthly Payment $2,540
Interest (5yr) $135,144
Interest (1 Year) $27,664
Inquire
Vancity offers competitive rates with values-driven banking to help you achieve your homeowners... Show more
Servus Credit Union
9.85%
Interest Rate
1 Year • Fixed
1 Year Fixed Mortgage
Payment & Cost
Est. Monthly Payment $2,560
Interest (5yr) $136,588
Interest (1 Year) $27,950
Inquire
Earn up to $3,000 right away with a Profit Share Rewards cash advance on your mortgage.
BMO Bank of Montreal
9.95%
Interest Rate
1 Year • Fixed
1 Year Open Fixed
Payment & Cost
Est. Monthly Payment $2,580
Interest (5yr) $138,032
Interest (1 Year) $28,236
Inquire
Eligible borrowers can earn up to $4,900 cash back directly from BMO when opening a new mortgag... Show more
TD Canada Trust
Ratings
Google: 4
Trustpilot: 4.5
RateBuddy: 4.8
9.95%
Interest Rate
1 Year • Fixed
1 Year Open
Payment & Cost
Est. Monthly Payment $2,580
Interest (5yr) $138,032
Interest (1 Year) $28,236
Inquire
RBC Royal Bank
Ratings
Google: 5
Trustpilot: 4
RateBuddy: 3
9.95%
Interest Rate
1 Year • Fixed
1 Year Open
Payment & Cost
Est. Monthly Payment $2,580
Interest (5yr) $138,032
Interest (1 Year) $28,236
Inquire
CIBC
Ratings
Google: 4.5
Trustpilot: 3.5
RateBuddy: 2
10.00%
Interest Rate
1 Year • Fixed
1 Year Fixed-Rate Open Mortgage
Payment & Cost
Est. Monthly Payment $2,590
Interest (5yr) $138,755
Interest (1 Year) $28,379
Inquire
Take advantage of a cash back bonus directly from CIBC, available whether you are buying a home... Show more
Updating rates...
Less
Page 5 of 5
More

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.

View Interactive Map
AB
Alberta
BC
British Columbia
ON
Ontario
QC
Quebec
NS
Nova Scotia
SK
Saskatchewan
All Locations View Full Map

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.

Ready to Take the Next Step?

Our team can help you get a personalized quote and find the perfect mortgage for your needs.

Get My Free Quote