What Is a Fixed Mortgage Rate in the Philippines?
A fixed mortgage rate means your home loan's interest rate stays the same for an agreed period — whether that's 1 year, 3 years, 5 years, or longer. During that fixed period, your monthly amortization does not change, regardless of what happens to benchmark rates, inflation, or the broader economy.
This is different from a variable or floating rate, where your bank can reprice your loan at the end of each fixing period based on prevailing market conditions. In the Philippines, almost all home loans are technically "fixed-then-variable" — you lock in a rate for a set number of years, and when that period ends, the bank reprices your loan, often at a significantly higher rate.
Understanding this distinction is critical for every Filipino homeowner. Many borrowers are shocked when their monthly payment jumps after year 3 or year 5 — not because they did anything wrong, but because their fixed period simply expired.
How Fixed Rate Periods Work in Philippine Banks
Philippine banks typically offer fixed rate options in the following tenors:
- 1-year fixed: The shortest fixing period. Rates are usually the lowest, but you face repricing risk every 12 months.
- 2-year fixed: A middle ground, giving slightly more stability than a 1-year fix.
- 3-year fixed: One of the most popular options among Filipino borrowers. Offers a balance between rate stability and competitive pricing.
- 5-year fixed: Provides medium-term certainty. Rates are higher than a 1-year fix but you are protected for five full years.
- 10-year fixed: Offered by some banks. Rates are higher, but you eliminate repricing risk for a decade.
- 20–25 year fixed: Rare in the Philippines. Pag-IBIG (HDMF) is the primary source of long-term fixed rates, with options up to 30 years at regulated rates.
After the fixed period ends, banks typically reprice based on their prevailing board rate or a benchmark rate plus a spread. This new rate is almost always higher than your original locked-in rate — which is why refinancing before or at the point of repricing is one of the most powerful financial moves a homeowner can make.
Current Fixed Mortgage Rates by Bank in the Philippines (2026)
Fixed rates vary by bank, loan amount, and loan-to-value ratio. The following are indicative ranges based on 2026 market conditions. Always confirm directly with your bank or broker for your specific scenario.
BDO Home Loan Fixed Rates
BDO offers fixing periods of 1, 2, 3, 5, and 10 years. Their 1-year fixed rates start from approximately 7.00% to 7.50% p.a. for qualified borrowers. Their 5-year fixed rates typically range from 8.00% to 8.75% p.a. BDO is one of the most competitive banks for large loan amounts above 5,000,000.
BPI Home Loan Fixed Rates
BPI offers 1, 2, 3, 5, 10, 15, and 20-year fixed periods — one of the widest selections among Philippine banks. Their 1-year fixed rates are typically in the 7.25% to 7.75% p.a. range, while their 5-year rates run from approximately 8.25% to 9.00% p.a. BPI's longer-term fixed options (15–20 years) can range from 9.50% to 10.50% p.a.
Metrobank Home Loan Fixed Rates
Metrobank offers fixing periods of 1, 2, 3, and 5 years. Their rates are competitive for mid-range loan amounts of 2,000,000 to 6,000,000. Expect 1-year fixed rates starting around 7.25% p.a. and 5-year rates from 8.50% p.a.
Security Bank Home Loan Fixed Rates
Security Bank has been an aggressive competitor in the refinance market. Their 1-year fixed rates can start from around 7.00% p.a. and their 3-year fixed rates from approximately 7.75% p.a. Security Bank is notable for allowing refinancing of loans from other banks with relatively straightforward documentation.
RCBC, PNB, EastWest, and Chinabank
These banks also offer competitive fixed rate home loans, typically with 1 to 5-year fixing options. RCBC and PNB are known for competitive rates on government-employee borrowers or those with existing banking relationships. EastWest Bank has emerged as a strong player for refinance deals. Rates generally mirror the market range of 7.25% to 9.00% p.a. depending on the fixing period.
Pag-IBIG (HDMF) Fixed Rates
Pag-IBIG is the standout for long-term fixed rates in the Philippines. Qualified Pag-IBIG members can access fixed rates for the full loan term — currently starting from 5.375% p.a. for shorter terms and rising to 6.375% p.a. for 30-year loans. These are among the lowest available rates in the market for qualified borrowers. However, Pag-IBIG loans have income and property value restrictions that not all borrowers will meet.
The Best Refinance Rate Available Today: 5.99% p.a.
Through Nook, the Philippines' first digital mortgage broker, qualified borrowers can access refinance rates as low as 5.99% p.a. This is significantly lower than what most homeowners are currently paying — the majority of Filipino mortgage holders are on rates between 7% and 10%, often because their original fixed period has already expired and their loan has been repriced upward.
To illustrate the impact: on a loan balance of 4,000,000 with 20 years remaining, the difference between a 9.00% rate and 5.99% is approximately 7,800 per month in savings. Over a 5-year fixed period, that is over 468,000 in savings — money that stays in your pocket rather than going to your bank.
Use our home loan refinance calculator to see your exact monthly savings based on your current balance, rate, and remaining term.
Fixed vs. Variable: Which Is Right for You?
This is the most important question for any Philippine homeowner or prospective buyer. Here is a practical framework for making the decision:
Choose a longer fixed period if:
- You are on a tight budget and need payment certainty
- You believe interest rates will rise over the next few years
- You plan to stay in the property for 5 or more years
- You have already been through a repricing and are now on a high floating rate
Choose a shorter fixed period if:
- You plan to sell the property within 1 to 3 years
- You believe rates will fall and you want to refinance again soon
- You have flexibility to absorb a potential rate increase at repricing
- The rate differential between 1-year and 5-year fixed is very large (e.g., more than 1.50 percentage points)
A note on the Philippine market
Most Filipino borrowers underestimate how significantly rates move at repricing. It is common to see a borrower who locked in at 6.50% for 3 years get repriced to 9.50% or higher when their fixing period ends. This is not a penalty — it is simply the bank's current rate for existing customers. But because existing customers rarely get the best rates (those are reserved for new borrowers), refinancing at repricing is almost always worth exploring.
To understand exactly when it makes financial sense to switch, read our guide on current home loan interest rates in the Philippines to benchmark where your rate stands today.
How to Get the Lowest Fixed Rate in the Philippines
There is no single bank that always has the best rate — the market changes, and the best deal depends on your loan amount, remaining term, property type, and credit profile. Here is what actually moves the needle:
- Loan amount: Larger loans (above 3,000,000 to 5,000,000) often get preferential rates because they are more profitable for banks. If your outstanding balance is above this range, you have strong negotiating power.
- Loan-to-value ratio: If you have built up significant equity — for example, your outstanding balance is only 50% to 60% of the property's current value — banks will offer better rates because their risk is lower.
- Income documentation: Banks give their best rates to borrowers with clean, provable income. Self-employed borrowers may face a slight rate premium. Having 2 to 3 years of strong ITR helps considerably.
- Refinancing vs. new purchase: Refinance deals can sometimes get better rates than new purchases because the property and borrower are already proven. Do not assume your current bank has already given you the best rate.
- Using a broker: Nook's service is completely free to you as the borrower. We compare rates across multiple banks simultaneously and negotiate on your behalf. Banks pay us a referral fee — you pay nothing extra.
Watch Out: Common Fixed Rate Mistakes Filipino Borrowers Make
After helping hundreds of Filipino homeowners refinance, these are the most common and costly mistakes we see:
- Not knowing when your fixed period ends: Many borrowers do not know their repricing date. Check your loan documents or call your bank today. If your repricing is within 6 to 12 months, start exploring refinancing now — it takes time to process.
- Assuming your current bank will give you a good rate at repricing: Banks typically offer existing customers rates that are 1 to 2 percentage points higher than what they offer new borrowers. Loyalty is rarely rewarded in Philippine banking.
- Only comparing the rate, not the total cost: A lower rate with high processing fees may be worse than a slightly higher rate with minimal fees, especially for shorter fixed periods. Always calculate the break-even point.
- Choosing the longest fixed period by default: Longer fixed periods give certainty, but if you plan to sell in 3 years, a 10-year fixed rate is not helping you — and may come with prepayment penalties if you settle early.
Is Now a Good Time to Lock In a Fixed Rate?
As of 2026, the Bangko Sentral ng Pilipinas (BSP) has been in a rate-cutting cycle, which has pushed Philippine home loan rates down from their 2023 peaks. However, rates remain above where they were in 2019 to 2021. For borrowers who are currently on repriced variable rates of 9% or higher, refinancing to a 5-year fixed rate at 5.99% to 7.00% p.a. represents an exceptional opportunity.
The risk of waiting is that rates could rise again — and unlike a stock market recovery, a higher mortgage rate has an immediate and concrete impact on your monthly cash flow. For most homeowners currently paying above 7.50% p.a., the math strongly favors locking in a new fixed rate today rather than hoping rates fall further.