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6-Year Fixed Mortgage Rates

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What is Fixed Rate Mortgage?

6-Year Fixed Rate Mortgage

A fixed rate mortgage is a loan based on an interest rate for a certain amount of time. A fixed rate mortgage allows you to “lock in” the current interest rate, keeping your mortgage repayments consistent for the duration of your mortgage term. This type of mortgage provides you a peace of mind that your mortgage payments will remain consistent even when market conditions decide to become unfavorable.

Benefits of fixed rate mortgages:

  • Repayments do not change for your whole term
  • Provides concerned borrowers a peace of mind about interest rate increases
  • Allows more accurate budgeting

6-Year Fixed Rate Mortgage: An Extra Year of Rate Assurance

Canadians are more drawn towards stability and growth. The 5-year fixed mortgage is the most favorite mortgage for Canadians. A fixed mortgage rate will remain consistent during those five years, and when they’re completed you’re free to look for a new rate. However, if the standard 5-year fixed mortgage doesn’t suit your timetable, you can always opt holding on to your rate for an additional year.

According to several studies, about two thirds of Canadians choose fixed mortgages. The six-year fixed mortgage allows you to take advantage of budgeting, as you will know just what the payment structure will be. If you are planning to own a home for 6 years and then sell or rent it out to tenants, this makes a perfect mortgage option.

Looking for 6-Year Fixed Mortgage Rates in Canada?

Are you shopping for the best mortgage rates Canada? GN provides the most up to date, current rates. We help you connect with mortgage brokers and banks to help you identify the best deal for your home purchase or mortgage refinancing.

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