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Best 2-year fixed mortgage rates



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2-year fixed mortgage rates: FAQ

What are 2-year fixed mortgage rates?

How much can I save comparing 2-year fixed rates?

Why compare 2-year fixed rates with

Why are fixed rates different from variable rates?

Are 2-year mortgages better than other mortgage terms?

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Compare current mortgage rates across the Big 5 Banks & top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.


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Guide to 2-year fixed mortgage rates

Jamie David

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. In the wake of multiple interest rate hikes by the Bank of Canada over the course of 2022, short-term fixed rates have become much more appealing to consumers than they typically are. 

2-year fixed mortgage rates: Quick facts

  • Mortgage rate is fixed over a 2-year term
  • Just under 2% of all mortgage requests made on in 2022 were for 2-year fixed mortgages. 
  • Nearly 6% of all mortgage requests made on in 2022 were for short-term fixed mortgages with terms of 4 years or less. 
  • 2-year fixed mortgage rates follow 2-year government bond yields

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, such as 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.

2-year fixed mortgage rates vs. other term lengths (interactive graph)

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, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read more

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