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Find the best 2-year fixed mortgage rate

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Best mortgage rates BC - Pillow fight

2-year fixed mortgage rates

Rates updated:

These are the best

2-year
fixed

mortgage rates for

buying a home
RateTermTypeProvider
Featured1.53%
2 yearFixed

CanWise Financial

4,228 reviews

CanWise Financial

Featured1.54%
2 yearFixed

MCAP

Featured2.04%
2 yearFixed

Desjardins

Featured2.09%
2 yearFixed

motusbank

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FAQS

2-year fixed rates: Frequently asked questions

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 to variable rates?

Are 2-year mortgages better than other mortgage terms?

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A guide to 2-year fixed mortgage rates

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

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.

2016 2017 2018 2019
2-year fixed2.04%1.99%2.84%1.98%
5-year fixed 2.09% 2.24% 2.79% 2.29%
5-year variable 1.92% 1.69% 1.85% 2.36%
1-year fixed 1.94% 1.99% 2.69% 2.49%
3-year variable 2.10% 2.10% 1.99% 2.89%
Prime Rate 2.70% 2.70% 3.20% 3.95%

Author bio

Jamie David

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.

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About Ratehub

We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.

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Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

How are CanWise Financial and Ratehub.ca connected?

Both Ratehub.ca and CanWise Financial are owned and operated by Ratehub Inc. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders and mortgage brokers, including CanWise Financial. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us.

We’re happy to send users to CanWise because of their great rates, trusted advice, and experienced mortgage team. Read any of their 3,300 five-star Google and Facebook reviews and you’ll see what we mean.

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