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April 22
Your agent Nathan was amazing and so…
Your agent Nathan was amazing and so helpful.
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April 19
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April 19
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Sean was easy to talk too and very informative.
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April 19
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The staff was helpful and knew what were doing.
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April 17
Good pricing
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April 17
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April 16
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The Agent was very kind and helpful!
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April 16
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Great customer care she is good 👍
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April 15
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great rep provided all the information I needed to make an informed choice
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Very helpful advice and great overall service.
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Very easy, good use of technology and customer follow up was awesome
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Easy and friendly process.
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So good service ,,, Tammy service me so so good
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The best current mortgage rates in Canada

Check out today's best mortgage rates in Canada by type and term.

Rates are based on an average mortgage of $300,000
 Insured ?

The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.

80% LTV ?

The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

65% LTV ?

The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

Uninsured ?

The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.

Bank Rate ?

Bank Rate is the mortgage interest rate posted by the big banks in Canada.

 
1-year fixed rate
Insured
4.99%
80% LTV
5.6%
65% LTV
5.6%
Uninsured
6.69%
7.09%
 
2-year fixed rate
Insured
5.67%
80% LTV
5.3%
65% LTV
5.3%
Uninsured
6.04%
6.39%
 
3-year fixed rate
Insured
4.79%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
4.94%
5.64%
 
4-year fixed rate
Insured
4.94%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
5.09%
5.49%
 
5-year fixed rate
Insured
4.74%
80% LTV
4.79%
65% LTV
4.79%
Uninsured
4.94%
5.04%
 
7-year fixed rate
Insured
4.94%
80% LTV
5.29%
65% LTV
5.29%
Uninsured
5.09%
5.9%
 
10-year fixed rate
Insured
5.74%
80% LTV
5.84%
65% LTV
5.84%
Uninsured
5.84%
7.25%
 
3-year variable rate
Insured
6.1%
80% LTV
6.7%
65% LTV
6.7%
Uninsured
N/A
8.6%
 
5-year variable rate
Insured
5.9%
80% LTV
6.1%
65% LTV
6.1%
Uninsured
6.25%
6.59%
 
HELOC rate
Insured
7.2%
80% LTV
7.2%
65% LTV
7.2%
Uninsured
7.2%
N/A
 
Stress test
Insured
6.74%
80% LTV
6.79%
65% LTV
6.79%
Uninsured
5.25%
N/A

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.

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