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Find The Best 2-Year Fixed Mortgage Rates

Canada Mortgage and Housing Corporation reports that approximately 70% of all mortgages across Canada are fixed rates. And, by far, the 5-year renewal option is the most popular at 60%. Fixed rates are, however, available in any option ranging from 1 to 10 years. We’re here to compare your choices and advise which term best suits your unique needs.

When selecting a ‘fixed’ rate, there will be zero fluctuation in payments – you’ll have that same rate until your mortgage term expires. The ‘term’ refers to the duration of your current rate, whereas your ‘amortization’ is the length of time it will take to completely pay off your mortgage.

It’s important to understand that all borrowers must meet the standards of approval for the Bank of Canada’s benchmark qualifying rate, even if you choose a mortgage with a lower interest rate and shorter term. This benchmark is in place to both reduce the lender’s risk as well as ensure you can comfortably afford to pay back your mortgage.

What is the lowest 2-year fixed mortgage rate on Friday, April 19, 2024?

The national average 2-year fixed insurable mortgage rate in Canada is 6.84%, while nesto’s lowest 2-year mortgage rate is

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

Benefits of Fixed-Rate Terms

For many people, the convenience of knowing exactly what you’re going to pay each month towards your mortgage offers added peace of mind. A fixed mortgage rate, therefore, makes sense if you fall into this mindset because you have secured a fixed term that guarantees your payments will never change. In fact, you can think of a fixed rate as an insurance policy that dictates your rate will not rise over the term you’ve selected (1-10 years).

Fixed-rate mortgages are the to-go option for homebuyers and homeowners who are looking for a reliable payment schedule, manage a tight monthly budget, or are generally more conservative. For instance, young families with large mortgages relative to their income may be better off opting for the peace of mind that a fixed rate provides.

The popularity of the 2-Year Fixed-Rate Mortgage

While the 5-year fixed-rate option is undeniably the most common selection for Canadians, it’s not always the best for everyone. Your decision should be based on your risk tolerance as well as your ability to withstand increases in mortgage payments. This is where our expert support is even more invaluable.

A popular reason why borrowers select a 2-year term is due to the belief that rates will fall within the next two years, so you’re trying to time the market. Statistics also reveal that those who select a two-year term are most likely to continue with two-year terms throughout their time as mortgage holders.

How nesto works

At nesto, all of our commission-free mortgage experts hold concurrent professional designations from one or more provinces. Our clients will receive the best advice and care when they speak with specialists that exceed the industry status quo. 

Unlike the industry norm, our agents are not commissioned but salaried employees. This means you’ll get free, unbiased advice on the most suitable mortgage solution for your unique needs. Our advisors are measured on the satisfaction and quality of advice they provide to their clients. 

nesto is working hard to change how the mortgage industry functions. We start with honest and transparent advice, followed by our best rates upfront. We can offer you these low rates using the fintech industry’s best-in-class and safest technology to provide a 100% digital online experience and process to reduce overhead costs.

By working remotely across Canada, all our mortgage experts and staff spend less time commuting to work and more time with their friends and family. This makes for more dedicated employees and contributes to our success with happy and satisfied clients.

nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.

Reach out to our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.

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