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Best 10-year fixed mortgage rates
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Frequently asked questions
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. 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.
How much can I save comparing 10-year fixed rates?
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.
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.
Why are fixed rates different from variable rates?
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.
Is it better to take a 10-year mortgage 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 long-term stability is important to you, a 10-year term could be worth considering.
Is it hard to get a 10-year mortgage?
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.
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Guide to 10-year fixed mortgage rates
Jamie David, Sr. Director of Marketing and Mortgages
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