Today's best 1-year fixed rates
| 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.
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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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