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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
4.84%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
4.94%
5.64%
 
4-year fixed rate
Insured
4.84%
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
4.89%
5.04%
 
7-year fixed rate
Insured
4.84%
80% LTV
5.29%
65% LTV
5.29%
Uninsured
5.09%
5.9%
 
10-year fixed rate
Insured
5.69%
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

10-year fixed-rate mortgages in Canada: what you need to know.

A 10-year fixed-rate mortgage is the longest mortgage term offered in Canada. It’s the ideal option for Canadians who desire stable mortgage payments over a long period. Ten-year fixed-rate mortgages provide protection from rising interest rates, offering peace of mind to risk-averse homebuyers. However, longer mortgage terms generally come with higher interest rates.

Longer mortgage terms are less popular among consumers. The majority of Canadians choose 3- or 5-year mortgage terms, which is what LowestRates.ca allows you to compare in our digital marketplace. However, we can connect you with a broker who can help you find 10-year fixed rate mortgage deals from top lenders in Canada

LowestRates.ca’s free, no-obligation quote tool can help you quickly compare mortgage rates from 50+ Canadian banks and brokers to find the one that’s right for you. Enter your postal code above and click “Get Started” to see available terms and mortgage rates.

Your questions about 10-year fixed-rate mortgages, answered.

When should you consider a 10-year fixed-rate loan?

A 10-year fixed-rate mortgage is for homebuyers who are risk averse, budgeting for the long-term, want fixed mortgage payments, and are willing to pay a premium for that stability. You should consider a 10-year fixed rate mortgage if you prize stability above all else, and don’t foresee moving or changing your circumstances in any major way. Second homes, such as a cottage or investment property. However, it is possible to break a 10-year mortgage contract — after five years, the maximum penalty lenders are allowed to charge is three months’ worth of interest.

Are 10-year mortgages better than other mortgage terms?

While fixed rates are popular, 10-year fixed rates are not — in general, longer terms aren’t as popular among Canadian homebuyers. While you might lose out on savings if interest rates go down, it’s hard to predict how much interest rates will fluctuate over a 10-year period. Because banks charge higher interest rates on longer terms, a 10-year fixed rate mortgage may not be the most financially prudent choice. However, the best mortgage term depends on your personal circumstances, and how much you value fixed mortgage payments.

What is a good 10-year mortgage rate?

First, it’s important to note that you’re going to pay a premium to lock in a mortgage rate for 10 years. Posted mortgage rates for 10-year fixed-rate mortgages are higher than short-term mortgages because the lender takes on more risk by allowing borrowers to lock down a particular rate — rates could rise. Second, a “good” mortgage rate depends on where interest rates are sitting in the marketplace. That’s why it’s important to get a personalized quote to see what you qualify for.

How is the 10-year mortgage rate set?

Fixed mortgage rates are influenced by the Government of Canada’s bond market. A government bond is a type of investment where the investor lends the government money for a set amount of time. During that period, the investor receives regular interest payments. When that time is up, the full value is repaid to the investor. Because bonds are the safest type of investment, banks and other lenders use bond yields to cover the cost of mortgages, which are much riskier from a lender’s standpoint. When bond yields go up, mortgage rates will also rise.

How much can you save by comparing 10-year 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. Over a long period such as 10 years, even a few percentage points can make a big difference.

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