10-Year Fixed Mortgage Rates

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Mortgage Amount If you are buying a home, the mortgage amount is the home price, minus your down payment, plus CMHC insurance if your down payment is less than 20%. If you are renewing or refinancing your mortgage, your mortgage balance is the value of your the mortgage.
Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.
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  years
Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.

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Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.
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  years

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Location Please ensure your location is correct in order to find the best rates available in your area.
Rate Provider Hold until Prepayment options Payment
3.59% CanWise Financial
Lic. 12530
Dec 27 15 % Lump Sum 15 % Regular $ Get this rate
3.74% MortgagePal.ca
Dec 27
No pre-approval
15 % Lump Sum 100 % Regular $ Get this rate
3.84% First National Dec 27 15 % Lump Sum 15 % Regular $ Get this rate
3.84% Marc Crossman Dominion Lending Centres
Dec 27
No pre-approval
15 % Lump Sum 15 % Regular $ Get this rate
3.94% Bank of Montreal Nov 27 10 % Lump Sum 10 % Regular $ Get this rate
4.69% Tangerine Sep 28 25 % Lump Sum 25 % Regular $ Get this rate
5.70% PC Financial Dec 27 20 % Lump Sum 25 % Regular $ Get this rate
5.79% Scotiabank Oct 28 15 % Lump Sum 15 % Regular $ Get this rate
6.04% HSBC Nov 27 20 % Lump Sum 20 % Regular $ Get this rate
6.09% CIBC Nov 27 10 % Lump Sum 100 % Regular $ Get this rate
6.10% TD Bank Dec 27 15 % Lump Sum 100 % Regular $ Get this rate
6.10% RBC Royal Bank Dec 27 10 % Lump Sum 100 % Regular $ Get this rate
6.10% Laurentian Nov 27 15 % Lump Sum 15 % Regular $ Get this rate
6.10% National Bank Nov 27 10 % Lump Sum 100 % Regular $ Get this rate
No pre-approval
Lump Sum N/A Regular N/A Get this rate

10-year Fixed Mortgage Rates

Historical 10-Year Fixed Mortgage Rates From 2006 - Today


10-year fixed mortgage rate defined

A 10-year fixed mortgage will have a constant rate of interest over a term of 10 years. The term is not the same as the amortization period – the amount of time it takes to pay off your mortgage – but, rather, is the period you are committed to the contractual provisions and mortgage rate with your lender. Your monthly mortgage payments will be fixed, and you are protected against interest rate fluctuations.


Comparing 10-year fixed mortgage rates

A 10-year fixed mortgage is the most risk-averse mortgage selection. If you need to budget long-term or believe interest rates will rise dramatically over the coming years, it may make sense. For instance, if you feel certain in five years mortgage rates will be higher than the current quoted 10-year rate, locking in for the long-term is a sound strategy. Your monthly mortgage payments will remain constant over a period of 10 years, and you are protected against interest rate fluctuations.

10-Year Fixed vs. Short Term Mortgage Rates From 2006 - Today

However, it is very difficult to forecast the direction interest rates will take over such a long period of time, and there are a number of drawbacks to locking into a mortgage rate for 10 years. The foremost argument against a 10-year term is the premium you will pay for passing on the risk of interest rate fluctuations for 10 years. You should note that your lender takes on more risk the longer your term is, so as the term gets longer the premiums get higher, but in some situations this may be a premium worth paying. One thing to keep in mind is that, after 5 years, the Interest Act states the penalty to break your mortgage cannot exceed 3 months' interest, so you wouldn't need to worry about a potentially much higher Interest Rate Differential (IRD) penalty. However, if the mortgage is broken before 5 years, such a penalty could apply.


Popularity of 10-year fixed mortgage rates

With only 7% of Canadians having mortgage terms between six and 10 years, long terms are not a popular choice in Canada. They are even less popular amongst younger age groups at only 3% uptake in ages 18-34.

Fixed mortgage rates, however, are most common, at 66% of all mortgages in Canada with little variation amongst age groups.

7% of Canadians have a 6-10 year term1
TERM Length Age Group
18-34 35-54 55+ All Ages
1 YR 5% 7% 6% 6%
2-4 YR 27% 18% 12% 20%
5 YR 66% 65% 69% 66%
6-10 YR 3% 9% 10% 7%
>10 YR 0% 0% 2% 1%

References and Notes

  1. Annual state of the Residential Mortgage Market in Canada, CAAMP, 2010

Current Mortgage Rates