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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 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 ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 6.44% | 80% LTV 5.29% | 65% LTV 5.29% | Uninsured 7.09% | 6.89% | ||
Insured 5.54% | 80% LTV 5.59% | 65% LTV 5.59% | Uninsured 5.84% | 6.19% | ||
Insured 4.69% | 80% LTV 4.69% | 65% LTV 4.69% | Uninsured 4.99% | 5.4% | ||
Insured 4.74% | 80% LTV 4.84% | 65% LTV 4.84% | Uninsured 4.89% | 5.29% | ||
Insured 4.44% | 80% LTV 4.59% | 65% LTV 4.44% | Uninsured 4.44% | 4.84% | ||
Insured 4.89% | 80% LTV 5.29% | 65% LTV 5.29% | Uninsured 5.89% | 5.9% | ||
Insured 5.69% | 80% LTV 5.84% | 65% LTV 5.84% | Uninsured 6.09% | 7.25% | ||
Insured 5.75% | 80% LTV 5.9% | 65% LTV 5.8% | Uninsured 5.8% | 8.1% | ||
Insured 5.4% | 80% LTV 5.55% | 65% LTV 5.45% | Uninsured 5.45% | 5.94% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.25% | 80% LTV 5.25% | 65% LTV 5.25% | Uninsured 5.25% | N/A |
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.
As a borrower, it is important for you to understand historical mortgage rates for gaining insights into the present rates and making well-informed decisions when purchasing real estate. Although mortgage rates may fluctuate due to economic and policy changes or inflation, recognizing their historical trends can help you determine the right time for you to buy a house or refinance a mortgage.
Historically, mortgage rates have gone through significant fluctuations over the last four years due to economic changes, Bank of Canada's interest rate hikes and inflation. When rates are low, it’s an opportune time to lock in a mortgage, while higher rates may warrant waiting or exploring other options.
Thus, it is important to be aware of historical mortgage rates as it provides valuable context for borrowers, allowing them to navigate the housing market more effectively and make financially sound choices.
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Source: Posted mortgage rates by Canada’s six major banks (RBC, TD, Scotiabank, BMO, CIBC and National Bank)
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.
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.
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.
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.
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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