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What are 2-year fixed mortgage rates?
How much can I save comparing 2-year fixed rates?
Why compare 2-year fixed rates with Ratehub.ca?
Why are fixed rates different from variable rates?
Are 2-year mortgages better than other mortgage terms?
Check out the best current mortgage rates
Jamie David, Director of Marketing & Mortgages
A 2-year fixed mortgage will have a constant rate of interest over a term of two years. The term should not be confused with the amortization period, which is the length of time it takes to pay off your mortgage. The term, rather, is the period you are committed to the contractual provisions and mortgage rate with your lender.
2-year terms are not popular in Canada, representing a tiny portion of all mortgages. However, they can be a very useful mortgage rate type if you're looking for a little more flexibility.
2-year fixed mortgage rates: Quick facts
- Mortgage rate is fixed over a 2-year term
- 72% of Canadians had fixed mortgage rates in 2020 (Source: Mortgage Professionals Canada)
Comparing 2-year fixed mortgage rates
There are a few reasons to consider a short-term rate like the 2-year fixed mortgage rate. If you think rates will fall, shorter terms are more strategically beneficial. Instead of being locked into a rate for 5 to 10 years, you'll be able to take advantage of low rates when your mortgage is up for renewal. Of course, if rates rise during your term, you would have been better off with a longer term.
Short terms are also useful if you're likely to break your mortgage within a few years, if you're planning on selling your home, for example. Going with a 2-year term over a 5-year term could save you a considerable amount of money in penalty costs.
Historical 2-year fixed mortgage rates
Looking at historical mortgage rates is a good way to see which mortgage terms attract lower rates. Historical rates also help you to understand whether rates are currently higher or lower than they have been in the past.
Here are the lowest 2-year fixed rates in Canada for the last several years, compared to several other term lengths.
Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.read linkedin bio
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