Find the best 10-year fixed mortgage rate

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

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.

Q: Why are fixed rates different from variable rates?

You can think of the difference, or spread , between variable mortgage rates and fixed rates as the price of insurance that mortgage costs will not increase in the next five years, more or less. The advantage of fixed-rate mortgages is that you know exactly how much your mortgage payments will be regardless of whether rates rise or fall. You can, essentially, set it and forget it. This eases the budgeting anxiety that may follow a variable-rate mortgage. When interest rates are low, and the spread between shorter-term rates and the 5-year fixed mortgage rates is less significant, it is typically recommended that you lock in the 5-year rate. The longer term offers stability and, because rates are historically low, the chances of rates decreasing further with a variable rate are greatly reduced. On the other hand, 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.

Q: Are 10-year mortgages better than other mortgage terms?

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 stability is important to you, a 10-year term could be worth considering.

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Best 10-year fixed mortgage rates

Transaction type

Rate type

Purchase price

Down payment $

Rate term

Amortization

Occupancy

Payment frequency

Rate	Provider	Payment
	Desjardins	^$2,353
	Big 6 Bank	^$2,456
	Canadian Lender	^$2,479
	First National	^$2,482
	TD Bank	^$2,503
	Scotiabank	^$2,505
	Bank of Montreal	^$2,505
	MCAP	^$2,681
	CIBC	^$2,802
	Meridian Credit Union	^$2,829
	RBC Royal Bank	^$2,505
	Tangerine	^$2,529
	National Bank of Canada	^$2,802
	Simplii Financial ™	^$2,802

see which rates I qualify for

10-year fixed mortgage rates: FAQ

What are 10-year fixed mortgage rates?

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. The term acts like a reset button on your mortgage, at which point you must renew the mortgage at a rate available at the end of the term. A mortgage might, for example, have a 10-year term and a 25-year amortization period.

When the mortgage rate is 'fixed', it means that the rate (%) is set for the duration of the term, whereas with a variable mortgage rate, the rate fluctuates with the market interest rate, known as the 'prime rate'. So, for example, if the 10-year fixed mortgage rate is 4%, then you will pay 4% interest throughout the term of the mortgage.

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.

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

Your mortgage is likely to be the largest financial commitment you’ll ever make, and getting a better rate can save you thousands over a 10-year term. Even a slightly lower mortgage rate can result in big savings, especially early on in your mortgage.

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.

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

Why are fixed rates different from variable rates?

You can think of the difference, or spread, between variable mortgage rates and fixed rates as the price of insurance that mortgage costs will not increase in the next five years, more or less. The advantage of fixed-rate mortgages is that you know exactly how much your mortgage payments will be regardless of whether rates rise or fall. You can, essentially, set it and forget it. This eases the budgeting anxiety that may follow a variable-rate mortgage.

When interest rates are low, and the spread between shorter-term rates and the 5-year fixed mortgage rates is less significant, it is typically recommended that you lock in the 5-year rate. The longer term offers stability and, because rates are historically low, the chances of rates decreasing further with a variable rate are greatly reduced.

On the other hand, 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.

Are 10-year mortgages better than other mortgage terms?

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Guide to 10-year fixed mortgage rates

Jamie David, Sr. Director of Marketing and Mortgages

April 22, 2024

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

Mortgage rate is fixed over a 10-year term
Only 0.65% of of all mortgage requests made on Ratehub.ca from January to September 2023 were for 10-year fixed mortgages, compared to 1.8% for the whole of 2022
According to Mortgage Professionals Canada, 69% of all Canadian mortgage-holders had fixed-rate mortgages at the end of 2022
10-year fixed mortgage rates follow 10-year government bond yields

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 (interactive graph)

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. The majority 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!

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

Find the best 10-year fixed mortgage rate

Best 10-year fixed mortgage rates

10-year fixed mortgage rates: FAQ

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?

4.04%

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

Guide to 10-year fixed mortgage rates

What is a 10-year fixed-rate mortgage?

10-year fixed mortgage rates: Quick facts

10-year fixed vs. shorter-term mortgage rates

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

Historical 10-year fixed mortgage rates

The popularity of 10-year fixed mortgage rates

What drives changes in 10-year fixed mortgage rates?

For more information, check out these helpful pages!

Jamie David, Director of Marketing and Head of Mortgages

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