Find the best 10-year fixed mortgage rate

The '10' in a 10-year mortgage rate represents the term of the mortgage, not to be confused with the amortization period. The term is the length of time you lock in the current mortgage rate, while the amortization period is the amount of time it will take you to pay off your mortgage. When the 10-year term ends, you’ll need to renew at the then-current rates. A mortgage might, for example, have a 10-year term and a 25-year amortization period.

When the mortgage rate is 'fixed', your interest rate stays the same for the full term — so if it’s set at 4%, you’ll pay 4% throughout those 10 years, and your monthly mortgage payment will always be the same. In contrast, variable rates fluctuate based on the prime rate, meaning payments, or the amount of the payment that goes towards your principal balance, may also change along with this benchmark rate

It's worth noting that all borrowers, even those applying for a 10-year term, will need to meet the standards of approval for the 5-year mortgage rate as well as the term they apply for. This is a standardized benchmark applied to reduce the risk for the lender and to give the borrower some breathing room.

Even a slight difference in your interest rate, like 0.25%, can translate into thousands of dollars in savings over a 10-year term. For example, on a $500,000 mortgage with a 25-year amortization period, a rate of 3.00% would see you pay $127,033 interest over 10 years. With a 2.75% rate, you’d pay $115,980 interest over the term. So, a difference of just 0.25% can save you $‭11,053‬ over your 10-year term.

While 10-year fixed mortgages sometimes carry higher rates than shorter terms, the long-term stability can be worth it if you want predictable payments and protection against potential rate hikes. Use our rate table above to find the best 10-year rate for your budget.

We make it simple to see current mortgage rates from all of Canada’s leading mortgage providers in one place. We have rates from the big banks, credit unions and smaller lenders across the country.  This makes it easy to see who offers the best rates in Canada in real-time, at no cost to you.

The difference between fixed and variable mortgage rates can be seen as the cost of “insuring” yourself against rate increases. A fixed-rate mortgage offers predictable payments, so you won’t be affected if interest rates rise. You can, essentially, set it and forget it. By contrast, a variable-rate mortgage fluctuates with the market; when the prime rate goes down, you can save money, but if it goes up, your costs can increase. 

As is the case with all fixed mortgage rates, there is the potential to pay higher interest when variable rates are low, and, examined historically, variable rates have proven to be less expensive over time.

10-year mortgage terms aren’t necessarily better than other terms. You should pick a term length based on your financial needs and current situation, as well as what rates are on offer. 5-year terms are the most popular in Canada, as they offer a compromise between stability and flexibility. However, if long-term stability is important to you, a 10-year term could be worth considering.

Qualifying for a 10-year mortgage in Canada isn’t necessarily more difficult than qualifying for shorter terms like 3 or 5 years. Lenders often apply the same stress test guidelines and approval criteria—such as credit score, income, and debt-to-income ratio—regardless of the term length. What can vary is the interest rate: 10-year fixed rates are typically higher than shorter-term rates because you’re locking in stability for a full decade. As a result, you may need to show sufficient financial strength to handle slightly higher monthly payments, especially when compared to shorter-term or variable-rate mortgages.

However, the decision to offer a 10-year term also depends on the lender’s product lineup, as not all lenders actively promote or provide 10-year options. If you’re looking for a longer-term mortgage, you may need to shop around and compare offerings from various banks, credit unions, and alternative lenders. Working with a mortgage broker can also help you find lenders that specialize in longer terms and match you with a rate that suits your financial situation.