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Best 5-YR fixed

2.34%

Best 5-YR variable

1.85%

Best 3-YR fixed

2.15%

4-Year Fixed Mortgage Rates

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4-Year Fixed Rate Mortgage

4-Year Fixed Rate Mortgage

The 4-year fixed rate mortgage is based on Government of Canada 4-year bond yields. A fixed rate of interest for 4 full years gives borrowers the security knowing that neither their payments nor their interest can increase during that time. Determining whether or not the 4-year fixed mortgage is right for you depends on the market conditions and your specific borrowing needs. The 4-year term often goes unnoticed due to the king of mortgage products, the 5-year fixed rate mortgage. However, some Canadian borrowers feel that 4 years is just the right amount of time!

Sometimes, the 4-year fixed rate mortgage can be lower than its 5-year counterpart. This saves you money on interest while still providing medium term security against increasing interest rates and increasing payments. It is mostly preferred by families buying a home for children going away to college or university – the term complements to the time they will be in school!

Presently, 4 and 5-year fixed rates are almost the same, giving the 5-year an upper edge on paper; borrowers get an additional year of interest rate protection without paying extra. Nonetheless, every borrower has unique needs and some may prefer to be able to discharge or renegotiate their mortgage in 4 years rather than 5.

The Security and Stability offered by a Fixed Closed Rate

When you have a fixed mortgage, there will be no change in your mortgage rate and the conditions of your mortgage. Canadians prefer a fixed closed mortgage because it is predictable and dependable.

A Unique Rate for Mortgage Breakers

Canadians usually refinance their mortgages every 3.5 years, which makes a 4-year rate a unique proposition for those expecting to break their mortgage, without paying a large penalty.

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