Best 5 Year Fixed Mortgage Rates Ontario

5-Year Fixed Mortgage Rates is the most popular mortgage rate in Ontario. There are a lot of options available if you choose to 5yr term mortgage rate. We at CompareMyRates, shop for the lowest 5 Year fixed mortgage rate available in Ontario.

Below you can find a list of lowest 5 year fixed mortgage rates available in Ontario

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3.19%

5 Years

Fixed Closed

Pre-Payment:

20% Monthly

5% Lumpsum

3.29%

5 Years

Fixed Closed

Pre-Payment:

10% Monthly

10% Lumpsum


3.47%

5 Years

Fixed Closed

Pre-Payment:

100% Monthly

15% Lumpsum

3.49%

5 Years

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum

3.49%

5 Years

Fixed Closed

Pre-Payment:

15% Lumpsum

3.49%

5 Years

Fixed Closed

Pre-Payment:

20% Lumpsum

3.49%

5 Years

Fixed Closed

Pre-Payment:

10% Monthly

10% Lumpsum

3.65%

5 Years

Fixed Closed

Pre-Payment:

15% Monthly

15% Lumpsum

4.99%

5 Years

Fixed Closed

Pre-Payment:

15% Monthly

10% Lumpsum

5.14%

5 Years

Fixed Closed

Pre-Payment:

20% Monthly

20% Lumpsum

5 Year Fixed Mortgage Rates Ontario

The best flexibility offered by the best 5 year mortgage rate in Ontario is that the borrower will know exactly how much the mortgage payments will cost regardless of the rate fluctuations. You simply set and forget it. This will ease your budgeting anxiety which follows the 5 yr variable mortgage rates.

When the interest rate is low and spread between the shorter term rate and 5 year term rate is significantly less, it’s recommended that a borrower locks into the 5 year mortgage rate. This is because the longer term will offer you a better stability and since the rates are low historically, chances of rates reducing further with variable rates are very minimal.

How Popular is 5 Year Fixed Mortgage Rates in Ontario?

The 5 year mortgage rate has a popularity of 66% out of all the mortgages and is Ontario’s most common mortgage rate duration. This term sits in the middle of the available mortgage term lengths, that is, between 1 and 10 years, thus has a risk neutral average popularity.

Moreover, the fixed mortgage rates are the most popular with a 66% penetration. With regard to age dispersion, a larger population of the fixed mortgage borrowers are the younger age groups. This is to say that majority of the younger demographics prefer the 5 years fixed mortgage rate in Ontario. The older age groups prefer the variable rate mortgages.

Pros & Cons of a 5yr Fixed Mortgage Rate in Ontario

5 year fixed mortgage rate has some advantages which makes it the most popular among Canadians:

  • It’s the cheapest mortgage available to those who are looking forward to locking into their interest costs and payment for a long period of time.
  • It’s suited for those with no plans of refinancing or increasing their mortgage within five years.
  • It also suits those who do not qualify for the other cheaper terms. This is because most of the lenders require the 1 to 4 years fixed and variable borrowers to prove that they are able to make payments at the 5 year fixed rate benchmark, which can possibly be 2% higher than your actual rate.

The 5 years fixed mortgage rate also poses some disadvantages:

  • The penalties can be much higher for early terminations.
  • 5 year fixed rate mortgage has cost borrowers more interest historically as compared to a variable and the short-term fixed rates.

 

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