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Best 4-Year Fixed Mortgage Rates

Last Updated: 03 Aug, 2020
Sort by:
Lender Rate Term Amortization Monthly Payment
First National

First National

2.04% 4 Year, Fixed Insured 25 years
CMLS

CMLS

2.24% 4 Year, Fixed Insured 25 years
First National

First National

2.24% 4 Year, Fixed Insurable 25 years
TD Bank

TD Bank

2.39% 4 Year, Fixed Insured 25 years
TD Bank

TD Bank

2.39% 4 Year, Fixed Insurable 25 years
TD Bank

TD Bank

2.39% 4 Year, Fixed Uninsured 30 years
TD Bank

TD Bank

2.39% 4 Year, Fixed Uninsured 30 years
First National

First National

2.39% 4 Year, Fixed Uninsured 30 years
ScotiaBank

ScotiaBank

2.54% 4 Year, Fixed Insured 25 years
ScotiaBank

ScotiaBank

2.54% 4 Year, Fixed Insurable 25 years
ScotiaBank

ScotiaBank

2.54% 4 Year, Fixed Uninsured 30 years
ScotiaBank

ScotiaBank

2.54% 4 Year, Fixed Uninsured 30 years
B2B Bank

B2B Bank

2.64% 4 Year, Fixed Insured 25 years
B2B Bank

B2B Bank

2.64% 4 Year, Fixed Insurable 25 years
B2B Bank

B2B Bank

2.64% 4 Year, Fixed Uninsured 30 years
B2B Bank

B2B Bank

2.64% 4 Year, Fixed Uninsured 30 years
Desjardins

Desjardins

2.89% 4 Year, Fixed Insured 25 years
Desjardins

Desjardins

2.89% 4 Year, Fixed Insurable 25 years
Desjardins

Desjardins

2.89% 4 Year, Fixed Uninsured 30 years
Desjardins

Desjardins

2.89% 4 Year, Fixed Uninsured 30 years
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What is a 4-year fixed rate?

The term “4-year fixed rate” is made up of two parts: the length of time and the type of mortgage.

The length of term is how long you agree to a certain set of conditions for your mortgage, and the type of mortgage dictates the interest rate you’ll pay. A fixed rate mortgage means that the interest rate won’t change throughout the duration of the term (in this case, four years).

When the term ends, your mortgage isn’t paid off. The end of a term means you’ll have to get a new term, with new conditions and interest rates.

 

 

Who is a 4-year fixed term best for?

There are a couple reasons to go for a 4-year fixed term:

1.       You expect to fully pay off your mortgage within four years, or move

2.       If they’re cheaper than a 5-year mortgage but not much more than a 3-year mortgage

 

However, there are a few downsides to this as well:

1.       If rates are going up, you will have to renew into a higher rate years sooner than a longer term

2.       If you want to switch lenders at every renewal, you’ll have to pay more in switching costs

3.       If rates are going down, you would save more money with a variable rate

 

 

How popular is a 4-year fixed term?

In Canada, most homebuyers choose a fixed rate mortgage. Mortgage terms between 2 – 4 years are the second most popular option but are far behind 5-year fixed terms. 2 – 4-year terms are the most popular with homebuyers under the age of 55, at 23%. Those with a mortgage over the age of 55 overwhelmingly choose a 5-yearmortgage and are almost evenly split between a 2 – 4-year term and a 6 – 10-year term.

 

 

Mortgage Type

Mortgage Holders Under 55

Mortgage Holders
Over 55

1 year

6%

6%

2 – 4 year

23%

12%

5 year

65%

69%

6 – 10 year

6%

10%

11+ year

0%

2%

 

With the fear of rising interest rates, many homebuyers and mortgage holders needing to renew will probably opt for a fixed mortgage. 

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