Best 5-Year Fixed Mortgage Rates This Week: March 10-16
This week's top 5-year fixed rates from 34 Canadian lenders. See who's offering the lowest rates and how much you could save compared to your current mortgage.
Andrew
Rate Analyst
Every week, we analyze mortgage rates from Canada's top lenders to find you the best deals. Here's your weekly roundup of the best 5-year fixed mortgage rates for March 10-16, 2025.
This Week's Top 5 Rates
| Rank | Lender | Rate | Type | Notes |
|---|---|---|---|---|
| 1 | nesto | 3.64% | Uninsured | Online digital lender |
| 1 | Butler Mortgage | 3.64% | Uninsured | Broker channel |
| 3 | Meridian | 3.79% | Insured | Ontario credit union |
| 4 | True North Mortgage | 3.89% | Uninsured | National broker |
| 5 | Wealthsimple | 3.99% | Uninsured | Digital bank |
Market Average: 4.24%
Posted Rate (Big Banks): 4.89% - 6.44%
Compared to Last Month
The lowest available 5-year fixed rates have fallen approximately 0.15% since February, continuing a gradual downward trend as bond yields have softened. This represents significant savings for new borrowers and those renewing this spring.
Example on a $500,000 mortgage:
- At 3.64%: $2,520/month
- At 4.89%: $2,877/month
- Monthly savings: $357
- 5-year savings: $21,420
Who Qualifies for These Rates?
The lowest rates typically require:
- Strong credit score (680+)
- Stable income and employment
- Debt-to-income ratios within guidelines
- Down payment of 20%+ for uninsured rates
Some lenders also offer competitive insured rates (less than 20% down) that are only slightly higher.
Should You Lock In Now?
For borrowers who value payment certainty, current fixed rates remain attractive. While rates may drift lower later in 2025, the risk of significant increases appears limited given economic forecasts.
Variable rates remain competitive at 3.40%-4.35%, but come with payment uncertainty if the Bank of Canada adjusts rates.
Tips for Rate Shopping
- Get pre-approved to hold a rate for 90-120 days
- Compare rates AND terms (prepayment options, penalties)
- Consider using a mortgage broker for access to more lenders
- Don't forget to negotiate - even published rates often have room
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