Fixed Mortgage Rates in the Philippines: What You Need to Know in 2026

If you're shopping for a home loan — or wondering whether your existing loan is costing you too much — understanding fixed mortgage rates is one of the most important steps you can take. In the Philippines, fixed rates give borrowers a predictable monthly payment for a set period, protecting you from interest rate increases during that window.

This guide breaks down how fixed mortgage rates work in 2026, what the major banks are currently offering, and how to lock in the lowest rate possible — including how Nook can help you do it for free.

What Is a Fixed Mortgage Rate?

A fixed mortgage rate means your interest rate stays the same for a defined period — typically 1, 2, 3, 5, or 10 years. During that fixed period, your monthly amortization does not change, no matter what happens to market interest rates.

After the fixed period ends, your loan reprices. The bank will apply a new rate based on prevailing market conditions at that time. This is sometimes called the repricing date, and it's one of the most important moments in your mortgage lifecycle — because your monthly payment could jump significantly.

For example: if you borrowed 4,000,000 at a fixed rate of 6.5% for 5 years on a 20-year term, your monthly payment during those 5 years would be approximately 29,800. When year 6 arrives and the bank reprices you to 9%, that same loan balance would cost you around 34,500 per month — a difference of nearly 4,700 every month.

Fixed vs. Variable: Which Is Better?

Variable (or floating) rates are tied to a benchmark like PDST-R2 or the bank's own base rate. They can go down — but they can also go up. Fixed rates give you certainty. In a rising rate environment, locking in a fixed rate protects you. In a falling rate environment, you might miss out on lower payments — but you also avoid nasty surprises.

For most Filipino homeowners who are budgeting carefully, the predictability of a fixed rate is worth paying a slight premium over a variable rate. The peace of mind alone has real financial value.

Fixed Mortgage Rates in the Philippines: 2026 Overview

Philippine banks typically offer fixed rate periods ranging from 1 to 10 years, with 3-year and 5-year fixed terms being the most popular. Here's a general overview of what major banks are offering in 2026:

It's important to understand that advertised rates are not always what you'll actually be offered. Your final rate depends on your loan amount, loan-to-value ratio (LTV), credit profile, employment status, and the specific bank's current promotional offers. This is why comparing across multiple lenders — rather than just going with your existing bank — can save you hundreds of thousands of pesos over the life of your loan.

Through Nook, borrowers have accessed fixed rates as low as 5.99% p.a. — well below what most Filipinos are currently paying on their home loans.

How Much Can You Save by Switching to a Lower Fixed Rate?

Let's put some real numbers to this. Suppose you have an outstanding loan balance of 3,500,000 with 15 years remaining, and you're currently on a rate of 8.5%.

That's nearly 900,000 pesos in savings — just from refinancing to a lower fixed rate. And this doesn't even account for the possibility of using those savings to make extra repayments and pay off your loan even faster.

Want to see how much you could save on your specific loan? Try our home loan refinance calculator — it takes just a minute and gives you a personalised estimate.

How Long Should You Fix Your Rate?

This is one of the most common questions Filipino borrowers ask. Here's a practical framework:

1-Year Fixed

Best for borrowers who expect rates to fall in the near term and want flexibility to reprice soon. Highest risk if rates rise. Monthly payments are lowest during the fixed period but repricing uncertainty is highest.

3-Year Fixed

A popular middle ground. Gives you 3 years of payment certainty while keeping you somewhat close to the market. Good for borrowers who plan to refinance again at the next repricing.

5-Year Fixed

The most common choice for long-term homeowners. Five years of predictability gives you time to plan your finances, build equity, and reassess without constant anxiety about rate movements.

10-Year Fixed

Less common in the Philippines but available at some banks. Offers maximum payment certainty. Rates are typically higher than shorter fixed periods, but for borrowers who value stability above all, it can be worthwhile.

Practical tip: When comparing fixed rate offers, always ask what the bank's repricing rate will be after the fixed period. Some banks offer attractive teaser rates but reprice to very high rates after your fixed term ends. Read the full loan terms carefully.

How to Lock In a Low Fixed Mortgage Rate in the Philippines

Locking in a great rate isn't just about timing the market — it's about being prepared and shopping smart. Here's what to do:

Step 1: Know Your Current Rate and Repricing Date

Check your loan statement or call your bank to find out your current interest rate and when your next repricing date is. If your repricing date is coming up in the next 3-6 months, now is an excellent time to start comparing rates — you can refinance before your rate resets to a higher level.

Step 2: Gather Your Documents Early

Banks typically require: government-issued ID, proof of income (payslips or ITR), employment certificate, latest loan statement, and title documents. Having these ready speeds up the process significantly.

Step 3: Compare Multiple Banks — Not Just Your Own

Most homeowners only talk to their current bank when their rate reprices. This is a mistake. Your existing bank has little incentive to give you their best rate — they already have your loan. Comparing across 5-10 lenders is where real savings are found. This is exactly what Nook does for you, automatically.

Step 4: Factor in the Total Cost of Refinancing

Switching to a lower rate isn't free — there are costs involved, including processing fees, appraisal fees, documentary stamp tax, and sometimes a penalty from your existing bank if you're still within the lock-in period. Make sure your savings outweigh these costs. Use our refinance break-even calculator to figure out how quickly you'll recoup switching costs.

Step 5: Submit Through Nook

Nook compares rates from BDO, BPI, Metrobank, Security Bank, RCBC, and other major lenders on your behalf — completely free. You fill out one application, and Nook does the legwork. There are no broker fees, no hidden charges, and no obligation.

Common Mistakes to Avoid When Fixing Your Mortgage Rate

Who Qualifies for the Best Fixed Rates?

Banks reserve their sharpest rates for borrowers who present low credit risk. Key factors include: a clean credit history with no missed payments, stable employment or verified business income, a low loan-to-value ratio (meaning you have significant equity in the property), and a loan amount that falls within the bank's preferred range — typically 2,000,000 and above.

Even if your credit profile isn't perfect, Nook's team can advise you on which lenders are more flexible and help you present the strongest possible application.

The Bottom Line

Fixed mortgage rates in the Philippines in 2026 range from around 5.99% to over 9% depending on the lender, fixed period, and your borrower profile. Most homeowners are significantly overpaying — and a refinance to a lower fixed rate could save them hundreds of thousands of pesos over the life of their loan.

The best time to lock in a lower rate is before your next repricing date. The second best time is right now. Nook makes it simple, fast, and completely free to compare the market and find your best rate.