Fixed vs Variable Mortgage Rates in Canada Today
Compare today’s lowest 5-year fixed and variable mortgage rates from Canadian banks, and what each means for your payments.
Lowest 5-year fixed 4.69% Desjardins, 5-year closed fixed-rate mortgage
Lowest 5-year variable 3.8% Tangerine, Tangerine 5-Year Variable Closed Mortgage
A fixed rate locks your payment for the whole term. A variable rate moves with the prime rate, so your cost goes up or down when the Bank of Canada changes rates.
Variable rates have often cost less over time, but they carry more risk if rates rise. Fixed rates suit people who want a predictable budget.
Posted and advertised rates are a starting point. Banks often offer different rates depending on your down payment, credit and property.
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Try the payoff calculatorAdvertised rates only. Your rate depends on your credit, so check the bank’s page before you apply.