1-year fixed mortgage rates

1-year fixed mortgage rates and 2-year rates suit borrowers who want to renew soon, expect lower rates, or plan to sell. Short terms aren't always cheaper; compare the rate and how often you'll pay renewal costs.

Updated October 7, 2026

Today's best 1-year fixed rates

Illustrative rates this week — not offers; live bids from verified lenders replace these as lenders join
Term	Rate	Lender type	Shelf / note	Payment on $400,000
1-year fixed	4.89%	Bank	uninsured	$2,301/mo
2-year fixed	4.54%	Bank	uninsured	$2,223/mo
5-year fixed	4.04%	Credit union	uninsured	$2,113/mo

Payments on a $400,000 mortgage, 25-year amortization, fixed rates compounded semi-annually. Prime 4.45% (Bank of Canada policy rate 2.25%), October 7, 2026.

Why are shorter terms sometimes more expensive?

Short-term rates follow the Bank of Canada more closely; when policy rates are high relative to longer bond yields, short fixed terms cost more.

MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.

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