This Page’s Content Was Last Updated: April 2026
This Page’s Mortgage Rates Were Last Updated: April 15, 2026 10:04 AM ET
Today’s Mortgage Rates updated as of April 15, 2026 10:04 am
2-Year Fixed*
*Insured mortgage rates only. Conditions apply. Rates are current as of today and subject to change without notice. Applicable to high-ratio purchase and renewal transactions with loan-to-value (LTV) ratios greater than 80.01% and up to 95%. Certain programs may also be available for insured files at 65% LTV and below, subject to insurer and lender guidelines on OAC.
Locks in your mortgage rate and payment for 2 years
Offers short-term stability with moderate flexibility
Often used when borrowers expect change within 2–3 years
Renewal risk still matters, but less than 1-year terms
A 2-year fixed mortgage is a mortgage term where:
The interest rate is fixed for two years
Monthly payments remain consistent
You’re protected from short-term interest rate increases
At the end of the 24-month term, the mortgage must be renewed, refinanced, or paid out based on market conditions and your financial goals.
According to the Financial Consumer Agency of Canada, fixed-rate mortgages provide payment stability for the length of the term, while renewal terms depend on market conditions at maturity.
Even though your rate is fixed during the term, new 2-year fixed mortgage rates change frequently due to:
Interest rate policy decisions
Inflation expectations
Lender funding costs
Mortgage rate trends are influenced by economic conditions and monetary policy set by the Bank of Canada, which plays a key role in Canada’s interest-rate environment.
A 2-year fixed mortgage may be suitable if you:
Expect interest rates or your income to change in the near future
Plan to refinance or restructure within 2–3 years
Want more stability than a 1-year term
Are cautious about long-term commitments
Borrowers who want long-term certainty may prefer longer fixed terms.
Predictable payments for 24 months
Shorter commitment than long-term fixed rates
More stability than very short-term terms
Easier budgeting in the near term
Renewal risk if rates rise
More frequent mortgage decisions than longer terms
Fixed-rate penalties may apply if broken early
This Page’s Mortgage Rates Were Last Updated: April 15, 2026 10:04 AM ET
Important: Actual pricing depends on credit, income, down payment, property type, and lender program.
2-Year Fixed Mortgage
Balanced short-term stability
Moderate flexibility
1-Year Fixed Mortgage
Maximum flexibility
Higher renewal frequency
5-Year Fixed Mortgage
Greater stability
Less frequent renewals
You can compare all options on our Best Mortgage Rates in Canada page:
Using a mortgage broker that has access to some of the lowest mortgage rates in Canada, is key to ensure you have the best approval rate.
Before choosing a 2-year fixed mortgage, consider:
How long you plan to stay in the property
Whether refinancing or selling is likely
Your tolerance for renewal risk
Penalties and renewal rules
Understanding your mortgage renewal options ahead of time helps avoid unexpected costs.
“A 2-year fixed mortgage works best for borrowers who want short-term certainty but expect change within the next few years. The key is planning for renewal before the term ends.”
At the end of your term, you can renew, refinance, or switch lenders depending on your needs.
Slightly, but they offer greater stability and protection from short-term rate fluctuations.
Yes, but early repayment penalties may apply based on your lender’s terms.
Yes, as it provides stability while allowing flexibility to reassess your finances after two years.
They can be, but it depends on market expectations at the time.
It carries renewal risk if rates rise, but less than very short-term options.
Simplify your financial planning with our full calculator suite:
When you work with Citadel Mortgages, you benefit from:
Access to banks, credit unions, and alternative lenders
Clear explanations of renewal risk and penalties
Mortgage advice focused on strategy, not just rates
Support before, during, and after renewal
Some borrowers also explore long-term mortgage planning strategies, such as a 2-in-1 mortgage, depending on their goals:
A 2-year fixed mortgage offers a balance between stability and flexibility. Citadel Mortgages helps you compare options, understand renewal risks, and choose a mortgage aligned with your plans.