Canada's best five-year fixed mortgage rates have improved in the first week of December due to a decline in five-year government bond yields. Some lenders are now offering rates below 5%. However, shorter-term options may be too expensive for many borrowers to qualify for. Fixed-rate mortgages are the most commonly chosen mortgage type in Canada, offering stability and predictability. The rates offered depend on the government bond market and the borrower's financial situation, including credit score, down payment amount, and other debts.