The popularity of short-term fixed mortgage rates is growing at an incredible rate.
Since rates are still a bit high, buyers and homeowners are anticipating a return to normal soon, and this is reflected in the type of mortgage people are choosing.
Closed 1, 2, and 3-year fixed rate mortgages are gaining in popularity at the expense of the 5-year fixed rate mortgage.
- In this article, we present the best short-term fixed mortgage rates (1-5 years) from different banks and we explain why these products are gaining in popularity in Quebec.
What is the most popular mortgage rate in Quebec?
When it comes to signing a mortgage, the client always has a choice of interest rate options.
The mortgage rates available include:
- Short term fixed rate 1-3 years;
- The 5-year closed fixed rate;
- Long-term fixed rate 7-10 years;
- Variable rate with fixed payment;
- Variable rate with variable payments;
- Open fixed or variable rate.
In short, there are several options available for homeowners and buyers. We can try to make them easier to understand by explaining about fixed and variable rates.
Historically, fixed rates are more popular than variable rates because they offer for security. However, variable rates are known to be more economical in the long term.
But what is THE most popular mortgage rate on the market for Quebecers? The answer is not so surprising.
5-year fixed mortgage rate – The #1 product on the market
The 5-year fixed mortgage rate is in first place. This is the type of rate most signed in Quebec. This is due to the stability of this option. Indeed, in the event of an increase, the rate is not impacted until renewal. For many people, this guarantees them a certain level of payment for a good period of time. No surprises expected. This type of rate was particularly advantageous for those who took out a loan in 2021. The 5-year fixed rate was then around 2.00%. But at the beginning of 2026, the 5-year fixed rate was a 4.49%.
Why are short-term fixed rates becoming more and more popular?
There is reason to wonder why short-term fixed rates are becoming increasingly popular when they are often higher than long-term fixed rates.
A homeowner who has taken a long-term 5-year fixed rate may then get stuck with a higher rate should they decrease in the near term.
- A lot of people are anticipating a drop in rates in the next 2 years.
- Thus, they are willing to pay for a higher rate in the short term, but would like to be open to renewing their mortgage earlier at hopefully, a lower rate.
Obviously, nothing is guaranteed, and this strategy comes with its share of uncertainty, but it is an observable trend currently seen in Quebec.
It is interesting to compare the various short-term fixed mortgage rates of the many banks operating in Quebec.
Short-term fixed mortgage rates by bank in Quebec
Rates fluctuate wildly these days, and short-term fixed rates can even vary from bank to bank.
Therefore, it is best to take the time to compare and shop around for the rates of different financial institutions with a mortgage broker.
To give you a better idea of the market, we present below a portrait of short-term fixed mortgage rates (1-5 years) for the following financial institutions.
- Desjardins Fixed Mortgage Rates
- National Bank Fixed Mortgage Rates
- RBC Fixed Mortgage Rates
- BMO Fixed Mortgage Rates
- TD Bank Fixed Mortgage Rates
- Scotiabank Fixed Mortgage Rates
- CIBC Fixed Mortgage Rates
Note : The rates presented were taken from the official websites of financial institutions as of May 11th, 2026 and include promotional offers. At the time of reading, they may have changed. Consult one of our partner mortgage brokers for an updated list of rates from various banks.
Best Desjardins Mortgage Rates – Fixed Short Term
- Desjardins 5-year fixed mortgage rate: 4.49%
- Desjardins 4-year fixed mortgage rate: 4.39%
- Desjardins 3-year fixed mortgage rate: 5.99%
- Desjardins 2-year fixed mortgage rate: 5.59%
- Desjardins 1-year fixed mortgage rate: 5.49%
Best National Bank Mortgage Rates – Fixed Short Term
- National Bank 5-year fixed mortgage rate: 4.10%
- National Bank 4-year fixed mortgage rate: 4.59%
- National Bank 3-year fixed mortgage rate: 4.54%
- National Bank 2-year fixed mortgage rate: 5.14%
- National Bank 1-year fixed mortgage rate: 5.49%
Best RBC Mortgage Rates – Short Term Fixed
- RBC 5-Year Fixed Mortgage Rate: 4.59%
- RBC 4-Year Fixed Mortgage Rate: 4.54%
- RBC 3-Year Fixed Mortgage Rate: 4.44%
- RBC 2-Year Fixed Mortgage Rate: 4.49%
- RBC 1-Year Fixed Mortgage Rate: 4.89%
Best BMO Mortgage Rates – Fixed Short Term
- BMO 5-Year Fixed Mortgage Rate: 5.99%
- BMO 4-year fixed mortgage rate: 5.99%
- BMO 3-Year Fixed Mortgage Rate: 6.05%
- BMO 2-year fixed mortgage rate: 4.89%
- BMO 1-Year Fixed Mortgage Rate: 5.49%
Best TD Bank Mortgage Rates – Short Term Fixed
- TD Bank 5-year fixed mortgage rate: 4.84%
- TD Bank 4-year fixed mortgage rate: 5.99%
- TD Bank 3-year fixed mortgage rate: 4.59%
- TD Bank 2-year fixed mortgage rate: 4.89%
- TD Bank 1-Year Fixed Mortgage Rate: 5.49%
Best Scotiabank Mortgage Rates – Fixed Short Term
- Scotiabank 5-year fixed mortgage rate: 4.90%
- Scotiabank 4-year fixed mortgage rate: 5.99%
- Scotiabank 3-year fixed mortgage rate: 6.05%
- Scotiabank 2-year fixed mortgage rate: 5.14%
- Scotiabank 1-year fixed mortgage rate: 5.84%
Best CIBC Mortgage Rates – Fixed Short Term
- CIBC 5-year fixed mortgage rate: 4.84%
- CIBC 4-year fixed mortgage rate: 4.79%
- CIBC 3-year fixed mortgage rate: 4.64%
- CIBC 2-year fixed mortgage rate: 4.29%
- CIBC 1-Year Fixed Mortgage Rate: 4.74%
Historical 5-year fixed mortgage rate in Canada
Since the 5-year fixed mortgage rate is recognized as the preferred product of buyers and owners in Quebec, it is always relevant to look at its history. Posted rates range from 3.30% in to 6.79% over 10 years.
The posted rates do not take into account discounts granted by financial institutions. If you would like more information, fill out the form on this page to chat with a partner mortgage broker free of charge.
Prime Rate and Bank of Canada Overnight Rate (1935 - 2023)
Compare the best fixed mortgage rates from +20 banks for free
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