5-Year Fixed Mortgage Rates in Canada
The 5-year fixed mortgage is Canada's most popular mortgage product, making up the majority of new mortgages originated each year. It provides complete payment certainty for 5 years and is the benchmark against which all other Canadian rates are compared. Current best rates start from 4.89%.
Today's Best Rates
Best: 4.89%| Rate Type | Best Rate |
|---|---|
| 5-Year Fixed | 4.89% |
| 5-Year Variable | 5.45% |
| 3-Year Fixed | 4.74% |
| 2-Year Fixed | 5.10% |
| HELOC | 6.20% |
*Based on $500,000 home, 20% down, 25-yr amortization. Last updated: May 25, 2026. Rates updated daily.
Key Facts: 5 Year Fixed Mortgages
- Rate is locked for the full 5-year term — no surprises
- Most widely available product across all lender types
- Prepayment options typically range from 10–20% per year
- Penalty for breaking early is usually the greater of IRD or 3 months interest
- Best suited for buyers who value payment certainty and plan to stay in the home
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