Skip to main content
Ratehub logo
Ratehub logo

Find the best 10-year fixed mortgage rate

We’ll find the best rates for you in less than 2 minutes.

10-year fixed mortgage rates

Rates updated:

  • No Results
These are the best
  • all
  • 1-year
  • 2-year
  • 3-year
  • 4-year
  • 5-year
  • 6-year
  • 7-year
  • 8-year
  • 9-year
  • 10-year
  • 25-year
  • fixed
  • variable
mortgage rates for
  • buying a home
  • renewing
  • refinancing
  • home equity line of credit
RateTermTypeProvider
Featured5.78%
10 yearFixed
Featured5.79%
10 yearFixed
Featured5.80%
10 yearFixed
Featured5.84%
10 yearFixed

Step by step

How it works

  • Compare the best rates

    Answer a few quick questions and see the lowest rates you can qualify for.

  • Apply online

    Apply for your mortgage instantly and easily using our secure online application.

  • Connect with our mortgage advisors

    Questions or comments? Book a call and one of our mortgage advisors will walk you through all the details

MORTGAGE CALCULATORS

Not sure where to start? Check out our tools to get started

FAQS

10-year fixed rates: Frequently asked questions

What are 10-year fixed mortgage rates?


How much can I save comparing 10-year fixed rates?


Why compare 10-year fixed rates with Ratehub.ca?


Why are fixed rates different from variable rates?


Are 10-year mortgages better than other mortgage terms?


Check out the best current mortgage rates

Take 2 minutes to answer a few questions and discover the lowest rates available

education centre

Want to learn more? Check out our comprehensive education centre

A guide to 10-year fixed mortgage rates

Jamie David

A 10-year fixed mortgage term 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, a 10-year fixed-rate term could make sense. For instance, if you feel certain that, in five years, mortgage rates will be substantially higher than the currently quoted 10-year rate, locking in today's rate could be a sound strategy.

What is a 10-year fixed-rate mortgage?

A 10-year fixed-rate mortgage will have a constant rate of interest over a term of 10 years. The term is not the same as the amortization period, which is the amount of time it takes to pay off your entire mortgage. Rather, your term is the period you are committed to the contractual provisions and mortgage rate of your current lender. With a fixed rate, your monthly mortgage payments will not change, and you'll be protected against interest rate fluctuations.

10-year fixed mortgage rates: Quick facts

10-year fixed vs. shorter-term mortgage rates

10-year fixed rates are typically higher than rates on shorter terms (like 3 or 5 years). This is because longer fixed-rate terms lock in a lower rate for a longer period of time. While this can be good for you, it transfers the risk of a rate rise to your lender. The higher rate is, therefore, a premium for locking in a lower rate for longer.

These relationships aren't always constant, especially in very low or high rate environments. You should always decide which term is best for you based on the current market and your present circumstances.

10-year fixed rates vs. other mortgage terms (graph)

From 2006 - today

3 year rates vs other terms

It's important to remember that it's very difficult to forecast the movement of interest rates over such a long period of time, and there are a number of drawbacks to locking into a mortgage rate for 10 years. The main argument against a 10-year term is the premium you're paying for passing the risk to your mortgage provider.

Another thing to keep in mind is that, after 5 years, the federal Interest Act states that the penalty to break your mortgage cannot exceed 3 months' interest. That means that, after 5 years of your term, you won't need to worry about a massive Interest Rate Differential (IRD) penalty. However, if the mortgage is broken before 5 years, such a penalty could apply.

Historical 10-year fixed mortgage rates

Looking over historical mortgage rates is the best way to understand which mortgage terms attract lower rates. They also make it easier to understand whether rates are currently higher or lower than they have been in the past.

Here are the lowest 10-year fixed rates of the year in Canada for the last several years, compared to several other types of mortgage rates.

Source: Ratehub Historical Rate Chart

 

The popularity of 10-year fixed mortgage rates

With only 2% of Canadians having mortgage terms over 5 years (known as "longer term mortgages"), long terms are not a popular choice in Canada. Fixed mortgage rates, however, are more common than variable rates. 72% of all mortgages in Canada have fixed rates, with little variation between age groups.

(Source: Mortgage Professionals Canada)

What drives changes in 10-year fixed mortgage rates?

Fixed mortgage rates follow government bond yields, with 10-year fixed rates following 10-year government bond yields. Bond yields are driven by economic conditions. The difference between bond yields and lender-posted mortgage rates vary by a lender's marketing strategy and general credit market conditions.

 

For more information, check out these helpful pages! 

Author bio

Jamie David

Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

read linkedin bio

About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just the place to research and compare the best rates. Get your mortgage at Ratehub.ca and have the best of both worlds – online rates and award-winning customer service.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada, from online search to close.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

How are CanWise Financial and Ratehub.ca connected?

We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.

We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.

read more about us