Interest rates are headed up. What it means for variable and fixed mortgage rates Mortgage rates vary across banks, but Ratehub.ca shows the country’s top five banks are offering five-year fixed mortgages for as low as 2.62 per cent and as high as 2.94 per cent.Three-year fixed mortgages range from 2.49 to 3.49 per cent, while five-year variable mortgages vary between 1.40 and 1.75 per cent.The interest rate, which also weighs on homebuyers, has sat at 0.25 per cent since March 2020, but the Bank of Canada has hinted it could rise as the country continues to climb out of the pandemic and loosen restrictions.A rise in both mortgage and interest rates would end an almost two-year period of rock-bottom borrowing costs.