Most Filipino homeowners are locked into fixed mortgage rates of 8% to 10% — but the best rate available today is just 5.99% p.a. Nook shops multiple banks at once so you don't have to.
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Why this matters
Fixed mortgage rates in the Philippines vary significantly from bank to bank — and the rate you locked in two or three years ago may no longer be competitive. In 2026, banks like BDO, BPI, Metrobank, Security Bank, and RCBC are all offering fixed-rate home loan packages, but their headline rates differ by as much as 2 to 3 percentage points depending on the fixing period, loan amount, and your borrower profile. A 1-year fixed rate will look very different from a 5-year or 10-year fixed rate, and knowing which structure suits your situation is just as important as chasing the lowest number. You can use our home loan refinance calculator to see exactly how much you could save by switching to today's best available rate.
The most important thing to understand about fixed mortgage rates is that they reset. When your current fixing period ends, your bank will reprice your loan — often to a rate much higher than what's available in the market. This is the moment many homeowners unknowingly start overpaying, sometimes by tens of thousands of pesos every month. Refinancing before or immediately after your fixing period expires is one of the most effective ways to reduce your monthly outgoings and free up cash flow. It's also worth checking where Philippine mortgage rates are heading so you can time your decision wisely.
Nook is the Philippines' first digital mortgage broker, and our service is completely free to borrowers. We compare fixed mortgage rates from all major Philippine banks — including Pag-IBIG — and submit your application to multiple lenders simultaneously, so you get competing offers without the legwork. Whether you're refinancing a ₱1.5 million condo or a ₱10 million family home, Nook helps you lock in the best fixed rate available today before rates move against you.
How it works
Enter your loan details into our calculator. Instantly see what banks are offering right now and how much you'd save each month. No personal information required.
If the numbers make sense, book a free call. Your consultant compares offers from 15+ banks — something that would take you weeks to do on your own — and recommends the best option for your situation.
We manage the entire application, documentation, and bank coordination. You sign where we tell you. Your new lower payment starts next month. Nook's service is completely free — we're paid by the receiving bank.
Common questions
A fixed mortgage rate means your interest rate — and therefore your monthly payment — stays the same for a set period, typically 1, 2, 3, 5, or 10 years. After that fixing period ends, your bank reprices your loan based on prevailing market rates. Most Philippine banks offer multiple fixing periods, so it's important to choose one that matches your financial plans and risk tolerance.
Rates change frequently and vary based on fixing period, loan amount, and individual borrower profile — so there's no single answer. BDO, BPI, Security Bank, Metrobank, and RCBC are among the most competitive lenders, but the only way to know your best offer is to apply to multiple banks at once. Nook does exactly that, at no cost to you.
Fixed rates give you payment certainty and protect you if rates rise, making them the preferred choice for most homeowners who want stable monthly budgeting. Variable rates can be lower initially but expose you to repricing risk. If you're unsure, locking in a competitive fixed rate now — especially with rates as low as 5.99% p.a. — is generally the more conservative and predictable strategy.
When your fixing period expires, your bank will reprice your loan — usually to a higher rate based on their current offerings and market conditions. Many homeowners are caught off guard by a sudden jump in their monthly payment. The smart move is to refinance to a new fixed rate before this happens, which is something Nook can help you arrange well in advance.
Yes, refinancing typically involves closing costs such as appraisal fees, legal fees, and documentary stamp tax — but these are often outweighed by the long-term savings from a lower rate. Nook's service is 100% free to borrowers, and we'll help you understand the full cost picture upfront. You can also read our guide on home loan refinance closing costs in the Philippines to know what to expect.
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