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5 Year Variable Open Mortgage Rates

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Ready to find your best mortgage rate?

CIBC
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To get started, tell us a bit about your location and borrowing needs - and we'll do the rest! Your personalized results will include the best rates from lenders and mortgage brokers, right in your region. Simply pick a product you like, and we'll put you in touch for more info by email, website or phone - no obligation or purchase required.

What is a mortgage broker - and why would I work with one instead of a bank?

Think of a mortgage broker as your personal mortgage shopper - they've got access to a number of rates offered by multiple lenders, and do the legwork to connect you with your best match. Brokers work with your unique financial institution, and will help negotiate the best rate on your behalf - best of all, their services are absolutely free!

Variable Rates are Lower, Right?

It's true that in Canada, variable mortgage rates are often lower than fixed mortgage rates. But unlike fixed rates, variable rates may change depending on market fluctuations. Borrowers pick variable rates when they are confident that the rates won't go up, or hopefully drop even lower.

Open Mortgages Offer More Freedom, Right?

It's true that open mortgages allow the borrower more freedom than closed mortgage rates. They may pay off as much of their mortgage as they like, without fear of costly penalties from their lender. However, as open mortgage rates are generally higher than closed mortgage rates, you may ending up paying more in the long run.

There May Be More Options Than You Think

RateSupermarket.ca compares the entire market, including banks, mortgage brokers, credit unions and specialty lenders. Choosing a five year term give you access to the most amount of rates, so be sure to explore your options with a fixed rate and a closed mortgage as well.

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