The Best 5 Year Fixed Closed Mortgage Rates
The Best Mortgage Rates in Ontario
5 YearFixed Closed View All
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by Sean Cooper
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The Most Popular Rate in Canada
A five year fixed closed mortgage rate is the preferred rate of most Canadians. It's offered by all the major banks and mortgage brokers. A fixed closed rate guarantees that the rate will stay the same for five years, and that the conditions you agree to will not change. This makes the five-year fixed a relatively stress-free commitment for borrowers and lenders.
In a Mortgage Battle, Consumers Are the Winners
When you're shopping for a mortgage, the five-year fixed closed rates are a good place to start, as you'll see the widest selection of options. It's also a key battleground for "mortgage wars" with banks and brokers dramatically dropping their five-year fixed rates to entice new customers. Be sure to sign up for our Rate Alert to keep tabs on the action.
"I See the Banks, Who Are These Other Guys?"
If you're new to the mortgage game, you're probably seeing a bunch of lenders you've never seen before. These lenders are mortgage brokers, who offer a range of rates from various banks, credit unions, and other other lenders. Thanks to their versatility, brokers are often able to provide a much lower rate than the banks.