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Best 10-Year Mortgage Rates

Last Updated: 23 Sep, 2022
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Lender Rate Term Amortization Monthly Payment
B2B Bank

B2B Bank

5.06% 10 Year, Fixed Insured 25 years
B2B Bank

B2B Bank

5.06% 10 Year, Fixed Uninsured 30 years
B2B Bank

B2B Bank

5.16% 10 Year, Fixed Uninsured 30 years


5.54% 10 Year, Fixed Insured 25 years


5.69% 10 Year, Fixed Insurable 25 years
B2B Bank

B2B Bank

5.92% 10 Year, Fixed Insurable 25 years
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What is a 10-year fixed rate?

The term “10-year fixed rate” is made up of two parts: the length of time and the type of mortgage.

The length of term is how long you agree to a certain set of conditions for your mortgage, and the type of mortgage dictates the interest rate you’ll pay. A fixed rate mortgage means that the interest rate won’t change throughout the duration of the term (in this case, ten years).

When the term ends, your mortgage isn’t paid off. The end of a term means you’ll have to get a new term, with new conditions and interest rates.



Who is a 10-year fixed term best for?

There are a couple reasons to go for a 10-year fixed term:

1.       You want to lock in an interest rate for as long as possible

2.       You’re extremely worried about rising rates in the next decade

3.       If you break a mortgage after 60 months (5 years) you can only be charged three months’ interest, not the interest rate differential


However, there are a few downsides to this as well:

1.       If rates are going down, you have to wait longer to get a new term

2.       They are the most expensive term option

3.       You have to pay more if you need to break your mortgage early



How popular is a 10-year fixed term?

In Canada, most homebuyers choose a fixed rate mortgage. Mortgage terms between 2 – 4 years are the second most popular option but are far behind 5-year fixed terms. 2 – 4-year terms are the most popular with homebuyers under the age of 55, at 23%. Those with a mortgage over the age of 55 overwhelmingly choose a 5-yearmortgage and are almost evenly split between a 2 – 4-year term and a 6 – 10-year term.

Most people do not go for terms longer than 5 years. In fact, for all the mortgage terms between 6 and 10 years, only 8% of Canadians choose them. Of that 8%, over half choose a 10-year term – about 5% of all Canadians.



Mortgage Type

Mortgage Holders Under 55

Mortgage Holders
Over 55

1 year



2 – 4 year



5 year



6 – 10 year



11+ year




With the fear of rising interest rates, many homebuyers and mortgage holders needing to renew will probably opt for a fixed mortgage. 

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