5-Year Fixed Mortgage Rates in Canada
Show moreWe collect mortgage rates three times a day on business days from more than fifty federal and provincial lenders’ websites, as well as major brokerages across Canada. We filter them by province, classify each rate as insured, insurable, uninsurable, or rental and sort all non-sponsored rates from lowest to highest, independent of whether the lenders work with us or not, to provide users with the most accurate and up-to-date information.
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Current 5-Year Fixed Mortgage Rates in Canada
Personalize your rates: tell us about your purchase and the rates below update as you type.
| Lender | Rate | |
|---|---|---|
Butler Mortgage Check More Rates 4.8/5(1704 reviews) | 3.50% | $2,246.72 |
DUCA Create a free account to see moreCreate a free account | 4.39% | $2,463.18 |
Frank Mortgage Check More Rates 4.8/5(122 reviews) | 4.44% | $2,475.64 |
Kindred Credit Union Create a free account to see moreCreate a free account | 4.49% | $2,488.13 |
CMLS | 4.49% | $2,488.13 |
Pathwise Credit Union Check More Rates | 4.54% Get This Rate | $2,500.64 |
nesto Check More Rates 4.5/5(1777 reviews) | 4.59% | $2,513.19 |
Innovation Credit Union Create a free account to see moreCreate a free account | 4.59% | $2,513.19 |
Northern Credit Union Create a free account to see moreCreate a free account | 4.59% | $2,513.19 |
Kawartha Financial Services Create a free account to see moreCreate a free account | 4.64% | $2,525.77 |
Libro Credit Union Create a free account to see moreCreate a free account | 4.64% | $2,525.77 |
Laurentian Create a free account to see moreCreate a free account | 4.69% | $2,538.38 |
Alterna Savings Create a free account to see moreCreate a free account | 4.69% | $2,538.38 |
National Bank | 4.69% | $2,538.38 |
IG Wealth Management Create a free account to see moreCreate a free account | 4.89% | $2,589.12 |
Manulife Create a free account to see moreCreate a free account | 4.89% | $2,589.12 |
Equitable Create a free account to see moreCreate a free account | 4.89% | $2,589.12 |
Caisse Alliance Create a free account to see moreCreate a free account | 4.94% | $2,601.87 |
nesto 1% cash backCheck More Rates 4.5/5(1777 reviews) | 4.99% Cash Back Amount: $4,500 | $2,614.66 |
CIBC Check More Rates | 4.99% | $2,614.66 |
Desjardins Create a free account to see moreCreate a free account | 4.99% | $2,614.66 |
First National | 4.99% | $2,614.66 |
BMO | 4.99% | $2,614.66 |
RBC Check More Rates | 5.14% | $2,653.20 |
Tangerine Create a free account to see moreCreate a free account | 5.19% | $2,666.11 |
Simplii Financial Create a free account to see moreCreate a free account | 5.34% | $2,705.00 |
TD Check More Rates | 5.39% | $2,718.02 |
Community Trust Create a free account to see moreCreate a free account | 5.69% | $2,796.73 |
Lowest 5-year fixed rates in Ontario
5-Year Fixed Mortgage in Canada: Full Guide
This Page's Content Was Last Updated: October 28, 2026
The 5-year fixed rate is the benchmark most Canadians compare against when buying, renewing, or refinancing. This guide covers how it is set, how it has changed, and what to check before you choose one.
About 5-Year Fixed Mortgage Rates
A 5-year fixed mortgage locks in your interest rate and your regular payment for five years. The 5-year term has long been Canada's most common mortgage term. If you are buying a home, switching lenders at renewal, or refinancing, the 5-year fixed rate is a useful benchmark to compare other options against.
When a 5-year fixed term ends, you renew at the rates available at that time. Your monthly mortgage payment at renewal can go up or down depending on where interest rates are. In CMHC's 2026 Mortgage Consumer Survey, 35% of renewers said interest rate changes increased their financial pressure, and those renewers' payments rose by an average of $375 a month.
Overview of the 5-Year Fixed Mortgage Rate
- Interest Rate: Your interest rate and regular payment stay the same for the full 5-year term.
- Rate Benchmark: 5-year fixed mortgage rates follow the Government of Canada 5-year bond yield.
- Popularity: 34% of mortgage consumers chose a 5-year term in the 2025 CMHC Mortgage Consumer Survey, more than any other term, although its share fell from 2024. 29% chose a 3-year term.
- Availability: Almost all lenders offer a 5-year fixed term, including the Big 6 banks, credit unions, and monoline lenders.
- Penalty: Breaking a 5-year fixed mortgage early usually costs the greater of three months' interest or an interest rate differential (IRD) penalty.
What is a Fixed-Rate Mortgage?
The interest rate of a fixed-rate mortgage remains constant for the length of the term. This offers predictability, as your payments stay the same regardless of market changes.
Other Fixed Mortgage Terms
While a 5-year fixed term is the most common, fixed mortgage rates are available for a range of terms. Shorter terms, such as a 3-year fixed-rate mortgage, let you renew sooner, which helps if rates fall but exposes you to renewal risk if rates rise. Longer terms, such as a 10-year fixed-rate mortgage, lock in your payment for longer but usually come with a higher interest rate. Other options include 1-year fixed mortgages, 2-year fixed mortgages, 4-year fixed mortgages, and 7-year fixed mortgages.
Historical 5-Year Fixed Mortgage Rates
The chart above shows the typical posted 5-year conventional mortgage rate at Canada's six largest banks (RBC, TD, BMO, Scotiabank, CIBC and National Bank), as published by the Bank of Canada. Posted rates are what banks publish, not what most borrowers pay: most get a lower, discounted rate, with the lowest going to insured borrowers with strong credit.
As of November 3, 2026, the typical posted 5-year rate at Canada's six largest banks is 6.19%, while the average advertised uninsurable 5-year fixed rate at RBC, TD, BMO, CIBC and National Bank is --. The advertised rates are already lower than posted, but borrowers can negotiate and get a further discount from lenders.
The 5-year fixed mortgage rate has generally trended down over the past four decades. The typical posted 5-year conventional rate at Canada's chartered banks peaked at 21.75% between August and October 1981, when Canada faced high inflation and weak economic growth.
Rates fell to record lows during the pandemic in 2020 and 2021. As Canada's inflation rate surged in 2022, the Bank of Canada raised its policy interest rate to 5.00% by July 2023, and fixed mortgage rates rose with bond yields. The Bank of Canada began cutting in June 2024 and lowered its policy rate to 2.25% by October 2025. The Bank of Canada raised its policy rate to 2.50% on October 28, 2026.
5-Year Fixed Mortgage Rates vs. the 5-Year Bond Yield
5-year fixed mortgage rates follow the Government of Canada 5-year bond yield, and lenders add a spread on top to cover funding costs, risk, and profit. That is why fixed rates can change even when the Bank of Canada holds its policy rate.
Source: Bank of Canada (bond yield), WOWA.ca (lowest rates)
As of November 3, 2026, the lowest 5-year fixed mortgage rate on WOWA.ca is 3.50% and the Government of Canada 5-year bond yield is 3.46%, a spread of 0.04 percentage points.
Note: The rates shown in the graph and paragraph above are the lowest available across Canada. Rates available in your province may be slightly higher.
5-Year Fixed vs. 5-Year Variable Rate Mortgage
A fixed rate stays the same for the whole term, while a variable rate moves with your lender's prime rate.
| 5-year fixed | 5-year variable/adjustable | |
|---|---|---|
| Lowest insured rate today | 3.50% | 3.60% |
| Lowest uninsurable rate today | 4.25% | 3.50% |
| Rate follows | Government of Canada 5-year bond yield | Lender's prime rate, which follows the Bank of Canada policy rate |
| Rate during the term | Does not change | Changes whenever prime changes |
| Payment during the term | Does not change | Fixed-payment variable: stays the same, but more goes to interest when rates rise. Adjustable-payment variable: changes with prime |
| At renewal | Renews at the rates available then, so the payment can rise or fall | Renews at the rates available then, so the payment can rise or fall |
| Penalty to break early | Usually the greater of three months' interest or the IRD | Usually three months' interest |
| Suits borrowers who | Want a predictable payment | Accept rate risk for a rate that can fall |
The choice between fixed and variable rate mortgages depends on your risk tolerance.
Breaking a 5-Year Fixed Mortgage
Breaking a closed 5-year fixed mortgage early usually costs the greater of three months' interest or the interest rate differential (IRD). The IRD is based on the gap between your rate and the lender's current rate for your remaining term, so it tends to be larger when more of the term is left, and rates have fallen. Lenders calculate it differently, and some use their posted rates.
To avoid a penalty, stay within your prepayment privileges, port your mortgage to your new home if your mortgage allows it, or wait until your term ends. Estimate your cost with WOWA's mortgage penalty calculator.
Qualifying for a 5-Year Fixed Mortgage
To get a 5-year fixed mortgage from a federally regulated lender, you must pass the mortgage stress test. For uninsured mortgages, OSFI sets the minimum qualifying rate at the greater of your contract rate plus 2% or 5.25%. The Department of Finance sets the minimum qualifying rate for insured mortgages.
Your rate and your stress test rate depend on whether your mortgage is insured, insurable, or uninsurable. As of November 3, 2026, these are the lowest 5-year fixed rates for each type:
| Mortgage type | Lowest 5-year fixed rate on WOWA.ca | Stress test qualifying rate | Applies to |
|---|---|---|---|
| Insured | 3.50% | 5.50% | Less than 20% down, purchase price under $1.5 million |
| Insurable | 3.65% | 5.65% | 20% or more down, and the mortgage meets insurer criteria |
| Uninsurable | 4.25% | 6.25% | Refinances, and mortgages that don't meet insurer criteria |
Note: The rates shown in the table above are the lowest available across Canada. Rates available in your province may be slightly higher.
Two regulatory changes took effect on December 15, 2024: the price cap for insured mortgages rose from $1 million to $1.5 million, and 30-year amortizations became available to all first-time home buyers and all buyers of new builds.
Stress Test at Renewal
You do not need to pass the stress test again if you renew with your current lender. Insured mortgage holders can also switch lenders at renewal without another stress test. For uninsured mortgages, OSFI does not expect lenders to apply the minimum qualifying rate to a straight switch at renewal, meaning a switch to a new federally regulated lender with no increase to the loan amount or amortization.
Big Banks’ 5-Year Fixed Mortgage Features
The table below compares the key features of the big six banks’ fixed-rate mortgages.
| Bank | Annual lump-sum prepayment | Payment increase | Extra or double payment | Skip a payment |
|---|---|---|---|---|
| RBC | Up to 10%, once every 12 months | Up to 10%, once every 12 months | Double-Up on any payment date | Once every 12 months, conditions apply |
| TD | Up to 15% per year | Up to 100% of original payment, in total, during the term | Covered by payment increase | Payment Pause, with TD approval |
| Scotiabank | Up to 15% per year | Up to 15% per year | Match-a-Payment on any payment date | Miss-a-Payment, if you matched one earlier in the term |
| BMO | Up to 20% per year (10% for Smart Fixed) | Up to 20%, once per calendar year (10% for Smart Fixed) | Not listed | One month per calendar year (not on Smart Fixed) |
| CIBC | Up to 10% per year | Up to 100% of regular payment, at any time | Covered by payment increase | Not listed |
| National Bank | Up to 10% per calendar year | Not listed | Up to one extra payment on any payment date | Not listed |
Note: Prepayment privileges above are for each bank’s standard closed fixed-rate mortgage. Lump-sum limits are a percentage of the original mortgage amount.
RBC 5-Year Fixed Mortgage Rate
TD 5-Year Fixed Mortgage Rate
Scotiabank 5-Year Fixed Mortgage Rate
Scotiabank publishes only its posted rate, not its discounted rates.
BMO 5-Year Fixed Mortgage Rate
CIBC 5-Year Fixed Mortgage Rate
National Bank 5-Year Fixed Mortgage Rate
5-Year Fixed Mortgage FAQ
What is the lowest 5-year fixed mortgage rate in Canada today?
The lowest 5-year fixed mortgage rate on WOWA.ca today is 3.50% for an insured mortgage and 4.25% for an uninsurable mortgage, as of November 3, 2026. Use the rate table at the top of this page to see rates for your province, home price, down payment, and purpose.
Is a 5-year fixed mortgage a good idea right now?
A 5-year fixed mortgage suits borrowers who want a predictable payment and do not expect to sell, refinance, or move within five years. When the 5-year fixed rate is higher than the variable rate, a fixed rate costs more today in exchange for protection if rates rise. If you may need to break your mortgage early, compare the IRD penalty risk before you lock in.
Should I choose a 3-year or 5-year fixed mortgage?
A 3-year fixed term lets you renew two years sooner, which helps if rates fall and adds risk if rates rise. A 5-year fixed term protects your payment for longer. Compare today's 3-year fixed rates with 5-year fixed rates, and consider how likely you are to break the mortgage before the term ends.
How much does it cost to break a 5-year fixed mortgage?
Most lenders charge the greater of three months' interest or the interest rate differential (IRD). The IRD can be much larger than three months' interest, especially early in the term. Use the mortgage penalty calculator to estimate your cost.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.