While major Canadian lenders offer five - year fixed mortgage rates at about 2.5 % to qualified borrowers, rates in the private market range between 7 % and 12 %. (preigcanada.com)
A five - year fixed mortgage rate of 2.99 per cent was used. (moneysense.ca)
So that's how a 30 - year fixed mortgage loan works, in a nutshell. (homebuyinginstitute.com)