Find Today’s Lowest 4-Year Fixed-Rate Mortgages

When you rely on nesto for your mortgage needs, you can expect to receive the very best rate every time because we compare all of the lenders’ rates across the board. Thanks to our advanced technology, we’re able to obtain a bird’s-eye view of the entire market in seconds to find the most affordable mortgage while our commission-free experts provide you with unbiased support throughout the process.

Rates updated as of October 27, 2021 03:07:21

Nesto Mortgage Rates

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Broker Mortgage Rates

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Mortgage Rates with HELOC

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Bank Mortgage Rates

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When comparing all current mortgages across Canada, you’ll find that about 70% are fixed rate. The 5-year renewal option is the most popular at 60%. But, fixed rates are available in any term ranging from 1 to 10 years. At nesto, we compare your choices and advise which term best suits your unique needs both now and into the future.

Having a ‘fixed’ rate means that there will be no fluctuation in your monthly payments – your rate will not change 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 for you to become mortgage free.

It’s important to understand that all borrowers must meet the standards of approval for the Bank of Canada’s benchmark 5-year fixed 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. 

Benefits of Fixed-Rate Terms

Fixed mortgages tend to virtually sell themselves when borrowers are seeking the convenience of knowing exactly what you have to pay towards your mortgage each month. A fixed rate makes a lot of sense to conservative borrowers because selecting a fixed term guarantees your payments will never change until your mortgage term expires. Many people view a fixed rate as a type of insurance policy that guarantees your rate will not rise over the term of your choice (1-10 years).

Fixed-rate mortgages are the option of choice for homebuyers and homeowners who are looking for a reliable payment schedule, manage a tight monthly budget, or are generally more modest when it comes to money. 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.

Popularity of the 4-Year Fixed-Rate Mortgage

The 5-year fixed-rate option comes out on top in popularity for Canadians, but that doesn’t mean it’s always the best choice for every homebuyer or homeowner. 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.

4-year terms are not very common among most people who select fixed-year options. Opting for a 4-year fixed-rate mortgage often coincides with other plans that make this a wise choice.