2-Year Fixed Mortgage Rates

Rates updated:

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Mortgage Amount If you are buying a home, the mortgage amount is the home price, minus your down payment, plus CMHC insurance if your down payment is less than 20%. If you are renewing or refinancing your mortgage, your mortgage balance is the value of your the mortgage.
Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.
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  years
Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.

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Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.
More options
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  years

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Location Please ensure your location is correct in order to find the best rates available in your area.
Rate Provider Hold until Prepayment options Payment
2.08% CanWise Financial
Lic. 12530
Nov 22
No pre-approval
15 % Lump Sum 100 % Regular $ Get this rate
2.09% Top Producers Dominion Lending Centres
Lic. 12214
Nov 22
No pre-approval
20 % Lump Sum 20 % Regular $ Get this rate
2.14% Key Mortgage Partners Dominion Lending Centres
Lic. 12233
Nov 22
No pre-approval
20 % Lump Sum 20 % Regular $ Get this rate
2.22% PC Financial Nov 22
No pre-approval
20 % Lump Sum 25 % Regular $ Get this rate
2.24% First National Nov 22 15 % Lump Sum 15 % Regular $ Get this rate
2.29% MCAP Nov 22 20 % Lump Sum 20 % Regular $ Get this rate
2.39% RBC Royal Bank Nov 22
No pre-approval
10 % Lump Sum 100 % Regular $ Get this rate
2.70% HSBC Oct 23
No pre-approval
20 % Lump Sum 20 % Regular $ Get this rate
2.79% CIBC Oct 23 10 % Lump Sum 100 % Regular $ Get this rate
2.79% Duca Oct 23
No pre-approval
20 % Lump Sum 0 % Regular $ Get this rate
2.84% Laurentian Oct 23 15 % Lump Sum 15 % Regular $ Get this rate
2.84% TD Bank Nov 22 15 % Lump Sum 100 % Regular $ Get this rate
2.99% Bank of Montreal Oct 23 20 % Lump Sum 20 % Regular $ Get this rate
3.04% National Bank Oct 23 10 % Lump Sum 100 % Regular $ Get this rate
3.09% Scotiabank Sep 23
No pre-approval
15 % Lump Sum 15 % Regular $ Get this rate
3.24% Tangerine Aug 24 25 % Lump Sum 25 % Regular $ Get this rate
No pre-approval
Lump Sum N/A Regular N/A Get this rate

If you need any help comparing mortgage rates, read our most frequently asked questions below1:

Why should I compare mortgage rates?

Not all mortgage rates are created equal. In addition to the different interest rates out there, mortgages also vary with what’s offered in their terms and conditions. Each mortgage caters to an individual's particular needs. If you want to find the best mortgage rate and product for you, you need to compare all of your options, and the best way to do that is to talk to a mortgage broker.


What is the difference between a fixed vs. a variable mortgage rate?

If you choose to get a fixed mortgage rate, your mortgage rate – and, therefore, your mortgage payment – stays the same throughout your entire mortgage term. If you’re risk-averse and/or just feel more comfortable knowing how much you’ll need to budget for each month, you should consider getting a fixed mortgage rate – but know that the security comes with a premium, in the form of a higher interest rate. Of all the mortgages in Canada, 66% currently have fixed rates.

Variable mortgage rates, on the other hand, are historically lower than fixed rates but can vary throughout the duration of your mortgage term. Variable rates are attached to Prime, so if Prime fluctuates up or down, so does your mortgage rate – and, therefore, your mortgage payment. If you’re comfortable taking on some risk, a variable mortgage rate could potentially save you a lot of money throughout the life of your mortgage. Of all the mortgages in Canada, 26% currently have variable rates.


Should I get an open or closed mortgage?

If you’re thinking of moving soon, or if you’re expecting a lump sum of money from an inheritance or bonus, you may want to consider an open mortgage. With an open mortgage, you are able to pay off the entire balance of your mortgage at any time throughout your term – without penalty. The downside is that you have to pay a premium for this option, which comes in the form of a higher interest rate.

Closed mortgages, on the other hand, are the more popular option chosen by Canadian homebuyers, because the interest rates are much lower. With a closed mortgage, the one restriction is that you’re only allowed to pay down a certain amount of your principal each year, as defined in the prepayment options of your mortgage contract. If you pay off the entire balance before your term is up, you’ll be hit with a prepayment penalty.


How often are RateHub.ca mortgage rates updated?

The mortgage rates you see were updated today. Our mortgage rates are sourced two ways: mortgage brokers can log into our website and update their rates, and we automatically update all the rates found on the websites of Canadian banks.


What is a rate hold?

A rate hold is a time period (typically 30-120 days) during which you can lock in the current best mortgage rate. If rates go down during this time, most lenders will honour the lower rate.


References and Notes

  1. All data percentages were taken from CAAMP’s Annual State of the Residential Mortgage Market in Canada 2013

Current Mortgage Rates