4-Year Fixed Mortgage Rates

As of November 30th, 2020
Best 4-Year Fixed Rate
1.74%result
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Mortgage Term:

Number of Years

Fixed or Variable

Mortgage Reason:
Home Price:
Downpayment:
%
Mortgage Amount:
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LenderRateWeekly ChangeMonthly Payment
MtgAlliance
MtgAlliance
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1.74%
4-YEAR FIXED
No change
$1,954
FN
FN
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1.74%
4-YEAR FIXED
No change
$1,954
Peoples Bank
Peoples Bank
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1.74%
4-YEAR FIXED
No change
$1,954
Citadel Mortgages
Citadel Mortgages
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1.74%
4-YEAR FIXED
No change
$1,954
Canada Life
Canada Life
1.81%
4-YEAR FIXED
No change
$1,970
Alterna Savings
Alterna Savings
1.89%
4-YEAR FIXED
No change
$1,988
motusbank
motusbank
1.95%
4-YEAR FIXED
No change
$2,002
Simplii Financial
Simplii Financial
1.96%
4-YEAR FIXED
0.02%
$2,004
First Ontario
First Ontario
2.04%
4-YEAR FIXED
No change
$2,023
CMLS
CMLS
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2.04%
4-YEAR FIXED
No change
$2,023
National
National
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2.09%
4-YEAR FIXED
No change
$2,034
Canadian Western
Canadian Western
2.09%
4-YEAR FIXED
No change
$2,034
Equitable
Equitable
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2.14%
4-YEAR FIXED
No change
$2,046
Tangerine
Tangerine
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2.19%
4-YEAR FIXED
No change
$2,058
RBC
RBC
2.24%
4-YEAR FIXED
No change
$2,069
TD
TD
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3.74%
4-YEAR FIXED
No change
$2,440
DUCA
DUCA
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3.84%
4-YEAR FIXED
0.45%
$2,465
Coast Capital
Coast Capital
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4.08%
4-YEAR FIXED
2.14%
$2,528
Scotiabank
Scotiabank
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4.09%
4-YEAR FIXED
No change
$2,531
Desjardins
Desjardins
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4.09%
4-YEAR FIXED
No change
$2,531
BMO
BMO
4.24%
4-YEAR FIXED
No change
$2,571
CIBC
CIBC
4.24%
4-YEAR FIXED
No change
$2,571

Notes

  • Weekly rate changes based on data from November 23rd 2020.
  • These rates are for Prime customers. To qualify, you generally need a good credit score and a steady job.
  • The following rates may not be valid for uninsured mortgages.
Bank or LenderAnnual Prepayment LimitFrequency (per year)
RBCRBC
10%Once
TDTD
15%Once
ScotiabankScotiabank
Varies, up to 20%Once
CIBCCIBC
Varies, up to 20%Once
BMOBMO
20% (10% for BMO Smart Fixed Mortgages)Once
HSBCHSBC
20%Once
Equitable BankEquitable Bank
15% - 20%Once
Peoples BankPeoples Bank
20%Once
First NationalFirst National
15%Once
motusbankmotusbank
20%Once
TangerineTangerine
25%Multiple
SimpliiSimplii
Varies, up to 20%Multiple
MCAPMCAP
Varies, up to 20%Multiple
LaurentianLaurentian
15%Once
National BankNational Bank
10%Multiple
DesjardinsDesjardins
15%Multiple
CMLSCMLS
20%Multiple
DUCADUCA
20%Once
ManulifeManulife
20%Multiple
Coast CapitalCoast Capital
20% (or 30% for “You’re the Boss” Mortgage)Once (or multiple for “You’re the Boss” Mortgage)
Alterna SavingsAlterna Savings
20%Once

Did You Know That Your Downpayment Can Impact Your Mortgage Rate?

The majority of Canadians save at least 20% down when they buy their home. However, did you know that a 20% downpayment usually leads to the highest mortgage rate?

Insured mortgages with a downpayment of less than 20% usually have the lowest mortgage rates. These mortgages, also called high-ratio mortgages, are usually insured by the CMHC or a private mortgage insurer. Lenders are protected by the insurance and due to the lower risk are willing to offer lower rates. However, you will have to pay CMHC insurance premiums, which can cost more than your potential interest savings.

Mortgages with a downpayment of more than 35% also tend to have lower mortgage rates compared to a 20% downpayment. The larger downpayment gives a bigger loss buffer for the lender which lets them offer a lower mortgage rate.

Home Equity Line of Credit Rates

Top Real Estate Agents in

Top Real Estate Agents in

Canada's Top Mortgage: the 5-Year Fixed

In Canada, out of the $1.1 trillion CAD in outstanding residential mortgages in May 2020, the 5-year fixed rate mortgage takes the crown with over $570 billion, or almost 50%, of all mortgages in Canada. There are more 5-year fixed rate mortgages than all variable rate mortgages combined. The 5-year fixed rate mortgage is so popular that the CMHC uses the Bank of Canada's 5-Year Benchmark Posted Rate for its mortgage stress test.

Comparison of Fixed-Rate Mortgages in Canada

Data From Statistics Canada (May 2020)

Mortgage Prepayment Penalties

Fixed Rate Mortgage Penalty Interest Rate

For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.

Advertised Rate IRDPosted Rate IRD
RBC
RBC
TD
TD
Scotiabank
Scotiabank
CIBC
CIBC
BMO
BMO
HSBC
HSBC
Peoples Bank
Peoples Bank
motusbank
motusbank
Simplii Financial
Simplii
Laurentian
Laurentian
Desjardins
Desjardins
CMLS
CMLS
Coast Capital
Coast Capital
Equitable
Equitable Bank*
Tangerine
Tangerine
Manulife
Manulife
Alterna Savings
Alterna Savings
FN
First National
MCAP
MCAP
DUCA
DUCA
* Equitable Bank’s IRD depends on your mortgage product

Variable Rate Mortgage Penalty Interest Rate

Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.

Based On Your Mortgage RateBased On the Lender's Prime Rate
RBC
RBC
TD
TD
Scotiabank
Scotiabank
BMO
BMO
HSBC
HSBC
Equitable
Equitable Bank
FN
First National
motusbank
motusbank
Tangerine
Tangerine
MCAP
MCAP
National
National Bank
Desjardins
Desjardins
CMLS
CMLS
DUCA
DUCA
Manulife
Manulife
Coast Capital
Coast Capital
Alterna Savings
Alterna Savings
Laurentian
Laurentian*
CIBC
CIBC
Peoples Bank
Peoples Bank
Simplii Financial
Simplii
Laurentian
Laurentian
* Laurentian’s 3 Months’ Interest is based on the greater of your mortgage rate or the current prime rate.
Calculate your mortgage break or prepayment penalty

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.