Traditionally the most popular term in Canada, the 5 year fixed rate is a logical consideration for any borrower. In fact, more than 48% of all mortgages set up in the last several years were 5 year fixed rates. By securing a great rate for half a decade, borrowers can "set-and-forget" their payment without having to worry about mortgage headlines getting the better of their emotions. Because of this certainty, lenders will often require a 5 year fixed for those on the edge of qualification.