First National · 2-Year FixedFirst National 2-year fixed mortgage rate.
As of May 13, 2026, the best 2-year fixed from First National was 4.79% — about $3,190/month on a $700,000 home with 20% down. First National prices through brokers only. We compare its sheet against 100+ lenders.
How does First National’s 2-year fixed compare?
First National publishes a broker-channel 2-year fixed on our rate board, so the 4.79% shown here is First National's own best 2-year fixed pricing — not a network average.
The trade-off, and what drives the rate
The trade-off. You pay for a very short rate hold and the certainty of re-shopping soon, sometimes at a premium.
What drives the rate. Priced off the 2-year Government of Canada bond, the 2-year fixed is highly sensitive to the near-term rate outlook. In a falling-rate market it can undercut longer fixed terms; in a flat market it usually prices above them because lenders prefer to lock you in longer.
What would my payment be with First National?
About $3,190/month. On a $700,000 home with 20% down, the mortgage is $560,000. That’s at First National’s best 2-year fixed rate of 4.79% over a 25-year amortization. First National does not lend direct to the public, so this rate only exists through a licensed brokerage — and on the same application we price it against the rest of the network rather than taking it on its own. Model your numbers in the payment calculator.
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 3.94% | $2,928/mo |
| 5-Year VariableLowest | 3.55% | $2,811/mo |
| 3-Year Fixed | 3.84% | $2,897/mo |
| 3-Year Variable | — | — |
| 2-Year Fixed | 4.79% | $3,190/mo |
| 1-Year Fixed | 5.39% | $3,382/mo |
| 4-Year Fixed | — | — |
| 7-Year Fixed | — | — |
| 10-Year Fixed | 5.69% | $3,480/mo |
What a 2-year fixed with First National means in practice
First National is a broker-channel monoline that lends through brokers only. That matters on a 2-year fixed because the Big-6 price a fixed-rate break with posted-rate IRD, while lenders off the bank shelf more often use fair, contract-rate IRD — typically far cheaper for the same break. On a shorter fixed term the gap narrows, because the IRD window is smaller. First National's commitment and written payout statement are the binding word on its method.
More on First National's 2-year fixed: penalties, privileges and programs
First National's prepayment privilege on our table: a 15/15 privilege — a 15% annual lump sum and a 15% payment increase (15/15 across MERIX and First National Excalibur). On a $560,000 mortgage that is up to $84,000 a year.
Against the Big-6. For contrast, all six Big-6 banks price a fixed break with posted-rate IRD, against representative 5-year posted rates of 6.79%-6.84%. Their prepayment room: TD and National Bank (15% lump sum plus double-up), RBC and CIBC (10% lump sum plus double-up), Scotiabank (15/15), BMO (20/20).
How does First National price the broker channel?
Largest broker-channel monoline by volume. Excellent on prime insured + insurable files, with consistent execution and predictable underwriting. The Excalibur program is one of the best uninsured alt-prime offerings.
First National's rate sheets and strengths
First National has a single 2-year fixed rate sheet and it is wholesale — published to licensed brokers, with no retail counterpart, because origination is the broker’s job rather than a branch network’s. That is why their pricing is often sharp: the cost the Big-6 carry in branches is not in it. On a $700,000 mortgage, 20 bps is roughly $1,400 a year, which is the size of the gap worth shopping for.
- Prime insured pricing
- Excalibur uninsured alt-prime
- Commercial lending desk
- Fair-IRD penalties
Why get First National’s 2-year fixed through a broker?
Because First National lends through brokers only. We can help you save money.
Access the broker channel
First National funds exclusively through the broker channel — there is no branch or website that will sell you this 2-year fixed directly, so a licensed brokerage is the only route to it.
Switch or renew without overpaying
At maturity we benchmark First National's renewal/switch offer against the whole market so you never auto-renew high.
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
Whatever your situation with First National
We submit to First National’s broker desk and 100+ other lenders on one application — whichever prices your file lowest wins.
First-time buyers
5% down with FHSA + RRSP HBP optimization — First National or whichever lender prices you lowest.
Refinancing
Tap your home equity for renovations, debt consolidation or investing.
Renewing
Don't auto-renew with First National — compare the offer against the market.
Self-employed
Business-for-self files priced right across A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
Breaking a First mortgage
Estimate the IRD or three-months-interest penalty before you switch out of First National.
First National 2-year fixed rate — FAQ
What is First National's 2-year fixed mortgage rate today?
First National's best 2-year fixed in our network is approximately 4.79% as of May 13, 2026 — about $3,190/month on a $700,000 home with 20% down over 25 years. First National publishes to the broker channel only, so as an FSRA-licensed brokerage we access their 2-year fixed sheet directly — there is no consumer rate you could get instead. Your exact rate depends on your file.
How do I get First National's broker-channel 2-year fixed rate?
First National has no retail channel at all: their rate sheet is wholesale, published to licensed brokers only. We submit your file directly to First National's broker desk and, on the same application, compare it against the rest of the network so you see First National's best 2-year fixed and the market's best side by side.
What prepayment privileges come with a First National 2-year fixed?
For First National, our privilege table records a 15/15 privilege — a 15% annual lump sum and a 15% payment increase (15/15 across MERIX and First National Excalibur). On a $560,000 mortgage that allows up to $84,000 a year in lump sums. Prepaying within the allowance also lowers the balance a later break penalty is calculated on. The exact privilege is set in your commitment letter.
How does breaking a First National 2-year fixed work?
The greater of three months' interest or IRD, but with so little term length the IRD is rarely large, and three months' interest is often the binding (and modest) figure. The method matters as much as the term: the Big-6 banks compare your contract rate against today's posted rate minus the discount you received at signing, while lenders off the bank shelf more often use fair contract-rate IRD, which is typically far cheaper for the same break. First National's written payout statement is the only binding number — estimate it first with our mortgage penalty calculator.
Can I get a lower 2-year fixed rate than First National's?
Sometimes. Another of our 100+ lenders may price your specific 2-year fixed better — we put First National and the rest of the network on one application, then you choose.
Get First National’s best 2-year fixed — and 100+ others.
One application, no credit pull to begin. We submit to First National and shop the whole network for your file.