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Best 5-Year Fixed Mortgage Rates

Last Updated: 14 Aug, 2018
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Rate
3.19%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.19% 5 Year, Fixed
monthly
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Rate
3.19%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.19% 5 Year, Fixed
monthly
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Lender

Lender
Rate
3.24%
Terms
5 Year, Fixed
Amortization
NA
Monthly Payment
3.24% 5 Year, Fixed
monthly
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Lender

Lender
Rate
3.25%
Terms
5 Year, Fixed
Amortization
NA
Monthly Payment
3.25% 5 Year, Fixed
monthly
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Rate
3.29%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.29% 5 Year, Fixed
monthly
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Rate
3.29%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.29% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.29%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.29% 5 Year, Fixed
monthly
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Rate
3.29%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.29% 5 Year, Fixed
monthly
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Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Best overall savings
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
Rate
3.34%
Terms
5 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.34% 5 Year, Fixed
monthly
Get Rate
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What is a 5 year fixed rate?

The term “5 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, five 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 5-year fixed term best for?

There are a couple reasons to go for a 5-year fixed term:

1.       You want to strike a balance between locking in a low rate and taking advantage of future rate drops

2.       You want a simple monthly payment for budgeting purposes

3.       You are worried that rates will rise soon

4.       They are often the cheapest term option, after 1-year terms

 

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

1.       If rates go down, you’re stuck paying a higher rate

2.       They can have high penalties for breaking early

 

 

How popular is a 5 year fixed term?

In Canada, most homebuyers choose a fixed rate mortgage.

Mortgage Type

Purchase During 2016

Renewal or Refinance During 2016

Did not purchase, renew or refinance in 2016

All mortgages

Fixed rate

80%

74%

66%

68%

Variable (adjustable) rate

17%

21%

27%

25%

Combination

3%

6%

6%

6%

 

During 2016, 80% of those buying a home opted for a fixed term mortgage, most likely because of the expectation of rising interest rates in the years to come. The figure of the amount of fixed mortgages in 2016 is 14% higher than the amount of fixed mortgages that were not up for renewal in 2016, having been purchased up to 10 years prior.        

 

Posted at: 2018-08-14

Nearly every Canadian chooses to extend their amortization for as long as possible. Data from Canada Guaranty shows that 97% of mortgages insured through them in the first quarter of 2018 had amort...

Posted at: 2018-08-13

Increasing home prices is one of the reasons that uninsured mortgages are outstripping insured mortgages in raw numbers in Canada – more than 58% of all mortgages in Canada are uninsured, accordi...

Posted at: 2018-08-10

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