Today’s Mortgage Rates updated as of December 12, 2024 9:28 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
A 6-month fixed mortgage rate locks in your interest rate for six months, offering stability and predictability for a short term. This option is ideal for homeowners or buyers seeking flexibility or expecting to renew or refinance in the near future.
Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.
This guide focuses on helping you navigate the Ontario mortgage market, offering insights into current rates, strategies for securing the best deal, and regional trends.
Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.
For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).
Choosing a 6-month fixed mortgage rate comes with unique advantages:
Learn more about today’s best mortgage rates in Canada.
| Lender | 6-Month Fixed Rate (%) | Features |
|---|---|---|
| Big 5 Banks (Average) | 5.70% – 6.25% | Standard fixed-rate terms |
| Online Lenders | 5.50% – 6.00% | Competitive rates, fewer fees |
| Credit Unions | 5.65% – 6.15% | Personalized service, flexible options |
Read about how fixed and variable rates compare on the Government of Canada website.
| Metric | 6-Month Fixed | National Average |
|---|---|---|
| Average Rate (2024) | 5.90% | 5.50% – 6.50% |
| Typical Loan Size | $350,000 | $390,000 |
| Approval Time | 3–5 Business Days | 3–7 Business Days |
At Citadel Mortgages, we specialize in finding tailored mortgage solutions for every client. Here’s why we’re the top choice for homeowners in Canada:
Contact Citadel Mortgages today to find your ideal 6-month fixed mortgage.
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.
While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
To qualify for the best 6-month fixed mortgage rates, you’ll need to meet standard lender requirements:
This option is well-suited for:
Short-Term Needs:
Market Watchers:
Renewal Flexibility:
We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!
At Citadel Mortgages, we recognize how important it is to stay informed about changing mortgage interest rates. Whether you’re purchasing your first home, refinancing, or renewing your mortgage, we’re here to guide you through the process with solutions that suit your financial needs, even in fluctuating rate environments.
From fixed to variable rates, we offer tailored solutions that help you secure the most competitive interest rates for your situation.
Our team monitors the Canadian mortgage market to provide insights on current rates, helping you make informed decisions.
We focus on finding solutions, even if you’ve faced credit challenges or financial setbacks.
Income constraints shouldn’t hold you back. We specialize in making homeownership accessible for Canadians in various financial situations.
Enjoy a smooth experience with quick approvals and clear communication every step of the way.
Secure today’s interest rates to avoid surprises if rates increase before your mortgage closes.
Consolidate high-interest debt into a single, lower-interest mortgage payment, saving you money and simplifying your finances.
Choose flexible payment terms that fit your budget, whether you prefer the stability of a fixed rate or the potential savings of a variable rate.
Refinance your mortgage to tap into your home’s equity for renovations, debt consolidation, or investment opportunities.
| Feature | 6-Month Fixed | 1-Year Fixed | 5-Year Fixed |
|---|---|---|---|
| Term Length | 6 Months | 1 Year | 5 Years |
| Interest Rate | Slightly Higher | Lower | Competitive |
| Payment Stability | Stable | Stable | Stable |
| Flexibility | High | Moderate | Low |
| Best For | Short-Term Planning | Moderate Stability | Long-Term Planning |
Staying updated on the Bank of Canada’s target overnight rate helps homeowners and buyers:
The Bank of Canada schedules eight interest rate announcements annually, providing updates on monetary policy.
With the Bank of Canada targeting inflation control, many Canadians face the dilemma of choosing between fixed and variable mortgage rates.
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Payment Stability | Consistent payments for the term | Payments fluctuate with the prime rate |
| Interest Costs | Slightly higher but predictable | Lower initially but may increase |
| Risk Tolerance | Ideal for risk-averse borrowers | Suitable for those comfortable with rate changes |
| Market Outlook | Best if rates are expected to rise | Best if rates are expected to fall |
At the end of the term, you can renew, refinance, or transition to a new mortgage product.
Yes, they tend to be slightly higher due to the short-term nature and increased flexibility.
Yes, but early repayment penalties may apply. However, you can renew the Citadel Smart Home Plan at any time during the term.
It depends on your financial goals. Fixed rates offer stability, while variable rates may provide cost savings if rates drop.
Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.
Choosing the right mortgage term, whether short-term or long-term, is a critical decision that impacts your financial goals and stability. A 6-month fixed mortgage rate offers short-term predictability and flexibility, making it ideal for those seeking temporary stability or planning to refinance soon. On the other hand, longer-term fixed rates provide peace of mind with consistent payments over several years, while variable rates offer potential cost savings in a declining rate environment.
Understanding the differences between short-term and long-term mortgage options is key to making an informed decision. By evaluating your financial situation, goals, and market conditions, you can select a mortgage product that aligns with your needs.
At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.
At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:
Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.
Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.
Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.
We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.
At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.
For personalized advice and the best mortgage rates in Toronto, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.
See how you can save and become mortgage-free sooner
Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.
Discover how much cash back you could receive with our Cash Back Mortgage Calculator.
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Head Office – 150 King Street West 2nd Floor Suite 335, Toronto, ON M5H 1J9
Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9
Nova Scotia Office – 1701 Hollis Street, Suite 800 Halifax, NS B3J 3M8
Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
Newfoundland Office – 1 Church Hill – Suite 201-522 St. John’s Newfoundland A1C 3Z7
New Brunswick Office – 500 St George Street, Moncton NB, E1C 1Y3
British Columbia Office – 900-2025 Willingdon Avenue, Burnaby BC, V5C 0J3
Montreal Office – 1155 Rue Metcalfe #1500, Montreal, QC, H3B 2V6
Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
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