29,037 Canadians
have compared rates and saved money over the last 24 hours
Compare the best 7-year fixed mortgage rates for free.
On average, Canadians save thousands of dollars per year by comparing rates with us.
Find the best 7-year fixed mortgage rate in just 3 minutes.
Compare rates from Canada's top banks and brokers
What our users say:
How comparing mortgage quotes works. Hint: it’s free!
Share
First, choose whether you're buying a new home, refinancing or renewing, and fill in a few details. It only takes 3 minutes, and it’s 100% confidential.
Compare
Next, we’ll show you quotes from 50+ Canadian banks and brokers. It’s free, with no commitment.
Save
When you find the best quote, secure your rate by talking to a licensed broker or agent.
7-year fixed-rate mortgages in Canada: what you need to know.
Some people appreciate the peace of mind that comes with knowing what their monthly mortgage payment will be for more than five years but they feel like being in a mortgage for 10 years is a little too long. If this sounds like you, then a 7-year fixed-rate mortgage may be the perfect compromise.
What is the best 7-year fixed-rate mortgage? What is the lowest 7-year fixed-rate mortgage? Since most Canadians don’t choose 7-year mortgages, we only offer the ability to compare 3 or 5-year mortgages at this time. We recommend seeing what your mortgage payment would be like at one of these terms first.
After you apply for a quote, we will connect you to the mortgage broker offering the lowest rate. The broker will also be able to show you rates for 7-year mortgages.
In a short time, you’ll have a seven-year fixed-rate mortgage rates comparison between Canadian brokers, banks, credit unions, and mortgage companies, ready for you to review.
Your questions about 7-year fixed-rate mortgages, answered.
When should you consider a 7-year fixed-rate loan?
Seven-year fixed-rate mortgages are for people who are ready for a long-term financial commitment — you’ve found an interest rate you want to lock down, you don’t plan on moving, and you don’t see your life circumstances changing in a way that could affect your ability to pay your mortgage for the next seven years. The tradeoff for that stability is that interest rates on longer mortgage terms are higher than short-term rates.
Are 7-year mortgages better than other mortgage terms?
It depends on what you’re looking for. If you find an attractive interest rate, Longer mortgage terms such as the 7-year fixed rate allow borrowers to lock it down for an extended period of time. This can be beneficial at a time when interest rates are low, but are starting to rise again. However, interest rates on a 7-year term will be higher than what you can find for a 5-year fixed rate (the most popular mortgage term in Canada) or a 2-year fixed rate.
What is a good 7-year fixed mortgage rate?
Longer mortgage terms such as seven years or 10 years have higher interest rates because lenders need to financially shield themselves from any changes that might arise during your term — interest rates could rise, or you (the borrower) could pay off your mortgage early. A good mortgage rate also depends on your personal profile. Lenders offer the lowest rates to borrowers they deem the most creditworthy, so they’ll look at things like your credit score, employment history, income, how much debt you have and your down payment amount.
How is the 7-year fixed mortgage rate set?
Fixed mortgage rates are linked to government bond rates. With a government bond, the investor lends the government money for a set amount of time — for example, seven years. During those seven years, the investor is paid interest payments. At the end of seven years, the full value is repaid to the investor. Banks and other lenders invest in government bonds because bonds are a safe investment. Bond yields are used to cover the cost of lending mortgage money to consumers. Mortgage rates typically rise in tandem with bond yields.
How much can you save comparing 7-year fixed rates in Canada with LowestRates.ca?
Since LowestRates.ca was founded, we’ve helped our users save $1 billion in interest and fees. When it comes to mortgage rates, even a decimal point or two can save you thousands of dollars in interest payments over the life of your mortgage. Most lenders don’t offer their best rates up front, but LowestRates.ca aggregates the best rates from banks and brokers across Canada and lets them compete for your business. Mortgage rates vary in different housing markets across Canada, so it’s best to get a personalized quote.