Today’s Mortgage Rates updated as of December 26, 2024 11:22 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
A 5-year fixed mortgage rate locks in your interest rate and payment schedule for five years, providing long-term stability and predictability. This is one of the most popular mortgage options in Canada, offering peace of mind for homeowners and buyers who want to protect themselves from fluctuating interest rates.
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).
Opting for a 5-year fixed mortgage rate offers significant advantages:
Learn more about today’s best mortgage rates in Canada.
| Lender | 5-Year Fixed Rate (%) | Features |
|---|---|---|
| Big 5 Banks (Average) | 5.45% – 5.65% | Standard fixed-rate terms |
| Online Lenders | 5.35% – 5.55% | Competitive rates, fewer fees |
| Credit Unions | 5.40% – 5.60% | Personalized service, flexible options |
| Metric | 5-Year Fixed | National Average |
|---|---|---|
| Average Rate (2024) | 5.50% | 5.50% – 6.50% |
| Typical Loan Size | $380,000 | $390,000 |
| Approval Time | 3–5 Business Days | 3–7 Business Days |
At Citadel Mortgages, we make securing the best 5-year fixed mortgage rate simple and stress-free.
Wide Lender Network:
Personalized Solutions:
Expert Guidance:
Fast and Simple Process:
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 5-year fixed mortgage rates, borrowers must meet the following requirements:
A 5-year fixed mortgage is ideal for:
Long-Term Stability:
First-Time Buyers:
Refinancers or Renewers:
Ideal for those looking to lock in rates for long-term savings.
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 | 5-Year Fixed | 3-Year Fixed | 10-Year Fixed |
|---|---|---|---|
| Term Length | 5 Years | 3 Years | 10 Years |
| Interest Rate | Competitive | Moderate | Higher |
| Payment Stability | Stable | Stable | Stable |
| Flexibility | Lower | Moderate | Lowest |
| Best For | Long-Term Planning | Medium-Term Stability | Long-Term Certainty |
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 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.
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.
A 5-year fixed mortgage rate remains one of the most popular and reliable options for Canadian homeowners. Its long-term stability, predictable payments, and competitive rates make it an excellent choice for first-time buyers, refinancers, and those seeking financial peace of mind over an extended period. By locking in your rate for five years, you can protect yourself from market volatility and focus on building a secure financial future.
Whether you’re purchasing a new home, renewing your mortgage, or refinancing, a 5-year fixed rate can provide the consistency you need to plan your budget effectively. While it may not offer the flexibility of shorter terms or variable rates, the peace of mind it brings often outweighs the trade-offs for many borrowers.
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.
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Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
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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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