Today’s Mortgage Rates updated as of November 25, 2024 12:17 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
A 1-year fixed mortgage rate locks in your interest rate for a term of one year. This short-term option is ideal for borrowers seeking stability for the next 12 months while keeping their options open for renewal, refinancing, or market shifts.
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 Canadian 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 1-year fixed mortgage rate comes with unique benefits, including:
Learn more about today’s best mortgage rates in Canada.
| Lender | 1-Year Fixed Rate (%) | Features |
|---|---|---|
| Big 5 Banks (Average) | 5.70% – 5.90% | Standard fixed-rate terms |
| Online Lenders | 5.60% – 5.80% | Competitive rates, fewer fees |
| Credit Unions | 5.65% – 5.85% | Personalized service, flexible options |
| Metric | 1-Year Fixed | National Average |
|---|---|---|
| Average Rate (2024) | 5.75% | 5.50% – 6.50% |
| Typical Loan Size | $360,000 | $390,000 |
| Approval Time | 3–5 Business Days | 3–7 Business Days |
At Citadel Mortgages, we specialize in short-term mortgage solutions tailored to your unique financial needs.
Extensive Lender Network:
Expert Guidance:
Flexible Options:
Fast Approvals:
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 1-year 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 | 1-Year Fixed | 6-Month Fixed | 5-Year Fixed |
|---|---|---|---|
| Term Length | 1 Year | 6 Months | 5 Years |
| Interest Rate | Lower than 6-Month | Slightly Higher | Competitive |
| Payment Stability | Stable | Stable | Stable |
| Flexibility | Moderate | High | Low |
| Best For | Short-Term Planning | Temporary Stability | Long-Term Stability |
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 |
You can renew, refinance, or switch to another lender based on your needs.
Not necessarily. Rates for 1-year terms can be competitive, depending on market conditions.
Yes, but early repayment penalties may apply
Yes, especially if you want flexibility while planning your long-term finances.
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 1-year 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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