Five-year fixed mortgage rates have slightly ticked up in the last few weeks, with some of the lowest advertised rates rising from the 3.7-per-cent range to the 3.8-per-cent range.

It’s a result of bond yields – which mortgage lenders base their rates on – moving up after plummeting last month in April.

But Daniel Vyner, principal broker at DV Capital Corp., says long-term fixed-mortgage rates are still at a relatively low level – low enough that many variable mortgage holders are locking into fixed rates because they don’t think there’ll be a much better time to do so.

Five-year and three-year fixed mortgages notably have very similar rates right now. Some of the cheapest three-year mortgages available are only 10 to 15 basis points higher than five-year rates.

Mr. Vyner says the difference between three- and five-year rates has been larger historically. A three-year rate could be a great deal right now for anyone who wants a bit more flexibility, who could foresee selling or breaking their mortgage, or who just thinks rates could be cheaper in three years.

Mortgage rates sourced by Ratehub.ca. For a comprehensive list of today’s mortgage rates for each term/type, visit: https://www.ratehub.ca/best-mortgage-rates

Ratehub.ca is a mortgage rate comparison marketplace and mortgage brokerage. They help millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products.

Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday May 8.