A fixed rate mortgage rate is one that is locked in for a period of years, most commonly five years, thereby the rates remain the unchanged (or fixed) throughout the term of the mortgage. Read our informative Mortgage Guides to learn more about open and closed mortgages, fixed vs variable mortgage rates, and mortgage vs HELOC. This When interest rates are low, and the spread between shorter-term rates and the 5-year fixed mortgage rates is less significant, it is typically recommended that you lock in the 5-year rate. The longer term offers stability and, because rates are historically low, the chances of rates decreasing further with a variable rate are greatly reduced. Because of this, most B.C. buyers that are using our site to compare are opting for variable-rate mortgages and reaping the benefits of big interest savings. Current Mortgage Rates in British Columbia. Buying a house means getting the best of British Columbia Mortgages that there are. This, however, is easier said than done.