This Page’s Content Was Last Updated: April 2026
This Page’s Mortgage Rates Were Last Updated: April 7, 2026 2:22 PM ET
Today’s Mortgage Rates updated as of April 7, 2026 2:22 PM ET
5-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 5 years
Most popular mortgage term in Canada
Offers strong stability and predictable budgeting
Penalties can be significant if broken early
A 5-year fixed mortgage rate provides a guaranteed interest rate and payment for five years. It is the most commonly chosen mortgage term in Canada because it balances long-term stability with manageable commitment.
At Citadel Mortgages, we help Canadians understand why the 5-year fixed mortgage is so popular, when it makes sense, and what risks to consider before committing.
A 5-year fixed mortgage is a mortgage term where:
The interest rate is fixed for five years
Monthly payments remain consistent
You’re protected from interest rate increases during the term
At the end of the five-year term, the mortgage must be renewed, refinanced, or paid out, depending 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 5-year fixed mortgage rates change frequently due to:
Interest rate policy decisions
Inflation expectations
Bond market movements
Lender funding costs
Mortgage rate trends are influenced by broader economic conditions and monetary policy set by the Bank of Canada.
A 5-year fixed mortgage may be suitable if you:
Want long-term payment certainty
Prefer predictable monthly budgeting
Are risk-averse to interest rate increases
Plan to stay in your home for several years
Borrowers expecting major changes in the near term may prefer shorter or variable options.
Long-term payment stability
Protection from rising interest rates
Easier budgeting
Most widely available mortgage term
Less flexibility than shorter terms
Fixed-rate penalties can be substantial
May miss out if rates decline
Today’s Mortgage Rates updated as of April 7, 2026 2:22 pm
5-Year Fixed Mortgage
Strong long-term stability
Most common choice
Variable Mortgage
Payments may fluctuate
Potential for lower interest costs
Short-Term Fixed Mortgages (1–3 Years)
More flexibility
Higher renewal frequency
You can compare all options on our Best Mortgage Rates in Canada page.
Before committing to a 5-year fixed mortgage, consider:
How long you plan to stay in the property
The cost of breaking your mortgage early
Penalty calculations and lender terms
Your tolerance for interest rate risk
Understanding your mortgage renewal and penalty options ahead of time can save thousands.
“The 5-year fixed mortgage is popular because it offers peace of mind. However, borrowers should always understand penalty clauses before committing, as breaking a fixed mortgage early can be costly.”
At the end of your term, you can renew, refinance, or switch lenders based on your financial needs and market conditions.
Typically, 5-year fixed rates are slightly higher than 1- or 2-year terms but provide long-term stability.
Yes, but early repayment penalties may apply depending on your lender’s terms.
Yes, it offers predictable payments, making it easier for new homeowners to manage their finances.
They can be higher or lower depending on market conditions.
It offers strong payment stability but less flexibility if circumstances change.
Because it balances stability, availability, and long-term predictability.
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 penalties and renewal risks
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 5-year fixed mortgage offers stability and predictability for Canadian homeowners. Citadel Mortgages helps you compare options, understand risks, and choose a mortgage aligned with your long-term plans.