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Excellent
Based on 505 reviews
September 22
Was pleasantly surprised by the prompt…
Was pleasantly surprised by the prompt response to my enquiry online. Hope it's ...
Mishu K
August 5
Received a call before I was even…
Received a call before I was even finished submitting information. Super fast se...
Robert Chiasson
August 4
Great service!
Great service!
Linda RitaOlivier
August 3
They respond very quickly
They respond very quickly. They are very understandable. The representative I sp...
Nuwara47
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
Khalilulla Razzaque
August 2
dick
Web page was quick and easy to use
Richard
July 30
Good experience was pretty quick
Good experience was pretty quick
Grant W.Murray
July 29
The agent was friendly
The agent was friendly, helpful and polite. All in all a good experience.
KaneezAla
July 29
Extremely simple
Extremely simple, and fast process.
JaniceGiannitti
July 26
excellent
excellent, professional service
SabinBaidoc
July 23
Very kind and helpful
Very kind and helpful
April Shannon
July 22
Easy to find easy to use website which…
Easy to find easy to use website which provided me with options.
Randall McLellan
July 22
Excellent service
Excellent service
Sven Zorz
July 21
They were great
They were great
ChristinaLain
July 21
Excellent pricing
Excellent pricing
pankaj joshi
June 27
I asked for the best mortgage rate & I got my answer
I asked for the best mortgage rate to the application detail I sent & I got a s...
Issa Horani
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
Amir Isakovic
March 15
Very good.
Very good, and the Rates you have stated is great. Please wait till I see the ba...
Ian Stevens
March 10
Good customer service
Good customer service
Lina Bella
March 3
Great team and amazing communication…
Great team and amazing communication skills. Very straight forward to get an est...
Andre F MPereira
January 8
fast and easy
fast and easy
moira fortin
November 4
It was a good experience
It was a good experience
BRIAN FEX
October 26
Easy to use
Easy to use, easy to find the result that you're looking for! 5 star coverage!
KS
October 15
Great service and very helpful :) would…
Great service and very helpful :) would definitely recommend
Emily Peacock
October 14
It's great
It's great, found the best rates.
Chirath Ranaweera
October 14
Fast and pleasant experience
Fast and pleasant experience. Saved a lot of money too!
stephenblaszko
October 14
Fast response
Fast response
AnarieD'Agostino
October 13
From the online process to the first…
From the online process to the first contact speaking to a rep it’s was a good...
Rose Daniel
October 13
A very pleasant contact
A very pleasant contact, without rep talking over my head., It was very infor...
Margaret Markson

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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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