Best 5-Year Fixed Mortgage Rates In Canada

A 5-year fixed-rate mortgage is better if: 

• you want a predictable and consistent mortgage payment for the next 5-years; 
• you are on a tight budget;

• you are not hoping for any significant expenses in the next 5-years that may cause you to break the mortgage contract. Note that you will be charged a penalty if you choose to end or break your mortgage contract before the end of the contract term; or  

• you want to know how much interest you’ll pay over the life of your loan. 

A 5-year variable-rate mortgage will be right for you if: 

• you want a flexible mortgage term at a lower rate;
• you may pay off or refinance the mortgage before the end of the five years term. The penalty is much lower for variable-rate mortgages compared to fixed-rate mortgages.
• you may sell the property before the end of the term, again because of the lower penalty costs for variable-rate mortgages; 
• you are financially capable of making a lump sum payment during the term if required due to a rise in interest rate.