Bank of Canada Rate Announcement

Find Today’s Lowest 4-Year Fixed Rate Mortgage

Today’s Best Mortgage

For a property located in
4-year fixed* 0.00%

No rates at the moment

*Insured loans. Other conditions apply. Rate in effect as of today.

Home / Mortgage Rates / Fixed Mortgage Rates / 4 Year Fixed Mortgage

Find The Best 4-Year Fixed Mortgage Rates

When comparing all current mortgages across Canada, you’ll find that about 70% are fixed rates. 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 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 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 4-year fixed mortgage rate on Wednesday, April 17, 2024?

The national average 4-year fixed insurable mortgage rate in Canada is 5.86%, while nesto’s lowest 4-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

Fixed mortgages tend to virtually sell themselves when borrowers are seeking the convenience of knowing exactly what they have to pay towards their mortgage each month. A fixed mortgage 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.

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.

Text for an express quote