Best 8-year fixed mortgage rates
What is an 8-year fixed mortgage rate?
An 8-year fixed mortgage rate is one that will remain steady for a mortgage term of 8 years. Over that time, your regular payments won't change at all, which is great for predictable budgeting. 8-year terms are longer than the most popular mortgage term in Canada, which is a 5-year mortgage term. 8-year terms are also not a very common term length, which can make finding one with competitive mortgage rates difficult.
Who offers 8-year mortgage rates?
While most mortgage providers offer fixed-rate mortgages terms of up to 10 years, there are many that do not offer an 8-year fixed-rate mortgage. This is because 8-year mortgages are not very common, with most borrowers opting for the more mainstream 7-year fixed mortgage rate.
Are 8-year mortgage rates higher than other terms?
Because 8-year terms aren't offered by as many lenders as more common term lengths like 7 or 10 years, posted 8-year mortgage rates tend to be higher than for other terms of similar length. This is because most of the lenders posting 8-year rates are B lenders or private lenders, which tend to post higher mortgage rates.
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Jamie David, Sr. Director of Marketing and Mortgages
8-year fixed mortgage rates are not very common in Canada, but they are offered by some lenders. You won't see many posted rates on 8-year mortgages, however, as lenders tend to focus on more traditional terms like 7 and 10-year mortgages.
When would you take out an 8-year mortgage term?
If you have a very specific timeline that will see you need to end your mortgage in exactly 8 years, then there may be a justification for getting an 8-year fixed mortgage rate. However, you may be better off getting two more common mortgage terms that add up to 8, as more common mortgage terms tend to give you more choice of mortgage provider and access to better rates.
Alternatives to an 8-year fixed mortgage rate
Your best alternative to an 8-year fixed mortgage rate is either a 7-year or a 10-year fixed mortgage rate, depending on your needs and what's available in the market.
If you're specifically looking for the longest term with a fixed rate so you can maintain steady monthly payments for a long time, a 10-year fixed mortgage rate is probably the one to consider. 7-year fixed mortgage rates tend to be lower than 10-year fixed rates, but they don't lock the rate in for as long. They're a sort of compromise between price and consistency.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio