The lowest insured 5-year fixed rate we track is currently 4.04% — available through online brokers and direct lenders rather than branch banks. Big-bank posted rates typically sit meaningfully higher on the exact same term. Broker rates aren't a loophole — it's the same mortgage, just without the branch overhead built into the price. Mortgage rates move constantly: verify on the day you're ready to commit.
Centsable's editorial team, fact-checked and updated July 2026.
Our editors' top picks from the full list below, based on rate, fees, and real-world value.
This figure tracks the lowest insured 5-year fixed rate currently advertised across major lenders and brokers we monitor -- not tied to one institution, since mortgage rates depend heavily on your specific lender, broker, and qualification profile. Use it as a benchmark, then shop your specific rate.
All providers we track, sorted by rate. Click any column header to re-sort.
| Lender | 5yr Fixed | 5yr Variable | 3yr Fixed | Type | Apply |
|---|---|---|---|---|---|
| Market Rate (Lowest Insured 5yr Fixed) | 4.04% | 3.40% | 4.14% | Aggregate | Open → |
| Tangerine | 4.49% | 4.00% | N/A | N/A | Open → |
| EQ Bank (Equitable Bank) | 4.24% | N/A | N/A | N/A | Open → |
| CIBC | 4.59% | N/A | N/A | N/A | Open → |
| RBC Royal Bank | 4.59% | N/A | N/A | N/A | Open → |
| National Bank | 4.69% | N/A | N/A | N/A | Open → |
Rates as of July 23, 2026. Promotional rates apply to eligible new deposits only.
Ranked by rate, fees, CDIC coverage, and overall value for Canadians.
This figure tracks the lowest insured 5-year fixed rate currently advertised across major lenders and brokers we monitor -- not tied to one institution, since mortgage rates depend heavily on your specific lender, broker, and qualification profile. Use it as a benchmark, then shop your specific rate.
Open Account →
EQ Bank (Equitable Bank) 
Tangerine 
CIBC 
RBC Royal Bank 
National Bank Rates as of July 23, 2026. Rates subject to change without notice. Promotional rates apply to new eligible deposits only. Centsable may earn a commission if you apply through our links — this does not affect our ratings.
Our full take on each pick — who it's for, what we like, and what to watch out for.
This figure tracks the lowest insured 5-year fixed rate currently advertised across major lenders and brokers we monitor -- not tied to one institution, since mortgage rates depend heavily on your specific lender, broker, and qualification profile. Use it as a benchmark, then shop your specific rate.
Best for: Lowest currently-advertised insured rate | Rate: 4.04% | Fee: Varies by lender | CDIC: N/A
Best for: Digital-bank alternative for insured mortgages | Rate: 4.24% | Fee: | CDIC: N/A
Best for: No-branch digital bank, straightforward closed mortgage | Rate: 4.49% | Fee: | CDIC: N/A
Best for: Big-5 branch access, insured mortgages | Rate: 4.59% | Fee: | CDIC: N/A
Best for: | Rate: 4.590% (4.620% APR) | Fee: | CDIC: N/A
Best for: | Rate: 4.690% (4.730% APR) | Fee: | CDIC: N/A
Everything you need to know, answered clearly.
As of June 2026, the lowest 5-year fixed insured mortgage rates start around 4.39% through digital lenders like Nesto. Variable rates run approximately 5.00–5.35%. Rates change frequently — use a mortgage broker to get live, personalized quotes based on your down payment and purchase price.
A fixed rate gives payment certainty for your term. A variable rate moves with prime rate and can go up or down. With the Bank of Canada cutting rates in 2025–2026, variable rates may decrease over your term — but they currently start higher than fixed. Your risk tolerance and timeline should guide the choice.
The Canadian stress test requires you to qualify at the higher of: your contract rate + 2%, or 5.25%. Even if your rate is 4.39%, you must prove you can afford payments at 6.39%. It applies to all federally regulated lenders. Private lenders and some credit unions are exempt.
A mortgage broker shops your application to multiple lenders simultaneously — often getting better rates than your bank at no cost to you. Banks only show you their own rates. Most Canadians who get the lowest mortgage rates use a broker.
Breaking a fixed mortgage typically costs the greater of 3 months' interest or the Interest Rate Differential (IRD) — often $5,000–$30,000+ depending on your rate and remaining term. Variable rate penalties are usually just 3 months' interest, making them much cheaper to exit.
An insured (high-ratio) mortgage has less than 20% down and requires CMHC insurance — but gets lower rates. An uninsured mortgage (20%+ down) avoids the premium but carries slightly higher rates.
Our editorial team researches and updates this page on a monthly basis. We evaluate products on five criteria: interest rate (weighted most heavily), fees and minimums, CDIC deposit insurance, ease of use, and additional account features. We do not accept payment to rank products — our recommendations are editorially independent. We may earn a commission if you apply through our links; this does not influence our ratings or which products appear on this page.
Data sources: We pull rates directly from each institution's website and verify them on the date shown. Promotional rates are noted separately and sourced from the institution's published offers at time of writing.
Read our full ratings methodology or browse our related guides.