Best 10-Year Fixed Mortgage Rates in Canada
Updated April 29, 2026.
The longest fixed term
The 10-year fixed is the longest standard mortgage term offered in Canada. It locks your rate for a full decade, twice the length of the conventional 5-year fixed, and is picked by a small fraction of borrowers in specific circumstances.
Who picks it. Borrowers who value maximum payment certainty and don’t want to renegotiate their mortgage again until well into the next decade. Also: borrowers who locked in during a low-rate window and want to extend that lock as long as the market allows.
What drives the rate. Long-end Government of Canada bond yields. The 10-year is usually priced 0.20–0.80% above the 5-year fixed, depending on the yield curve. In a steeply upward-sloping yield curve, the premium is large. In a flat or inverted curve, it can shrink to almost nothing.
The 5-year break privilege. Under federal mortgage rules, after the first five years of a 10-year fixed term, the maximum break penalty is just three months’ interest, not the IRD calculation that applies during the first half. This makes the 10-year more flexible than it appears on paper: if rates fall meaningfully in years 6–10, you can break and refinance for a small fee.
When it’s the right choice. When the 10-year premium over the 5-year is small (under 0.30%) and you value certainty. When you’ve locked in a low rate and want to extend it. When you’re pessimistic about future rate environments and want to insulate yourself.
When to consider alternatives. When the 10-year premium is large. When you’re likely to move, refinance, or restructure within five years (the early-break IRD penalty during the first 5 years can be severe).
How to read the table. Very few lenders promote 10-year terms, so this table will often have only one or two rows. Discount channel rates are typically 0.30–0.70% below posted, narrower than shorter fixed terms.
Rates shown are updated daily and are not an offer of credit. Actual rates require lender approval and may differ. Discounted rates are the bank's own published special-offer rates; a mortgage broker can often secure a lower rate than what's shown. See our methodology.
| Rank | Lender | Posted | Discounted | |
|---|---|---|---|---|
| 1 | Tangerine | | 5.90% | Visit lender → |
| 2 | BMO Bank of Montreal | | 6.70% | Visit lender → |
| 3 | RBC Royal Bank | | — | Visit lender → |
| 4 | TD Bank | | — | Visit lender → |
| 5 | Scotiabank | | — | Visit lender → |
| 6 | CIBC | | — | Visit lender → |
| 7 | National Bank of Canada | | — | Visit lender → |
| 8 | Desjardins | | — | Visit lender → |
Common questions
Can I really break a 10-year mortgage cheaply after 5 years?
Yes. Federal mortgage rules cap the penalty at three months' interest for terms longer than 5 years, but only after the first 5 years have elapsed. During the first 5 years, the standard IRD penalty applies and can be steep.
Why is the 10-year premium over the 5-year so variable?
It depends on the shape of the yield curve. In a steep upward-sloping curve, the 10-year is meaningfully more expensive. In a flat or inverted curve, the premium can shrink to almost nothing.
Why don't many lenders offer 10-year fixed?
Long-duration risk and low borrower demand. Most lenders fund mortgages from shorter-duration deposits, so a 10-year fixed creates more interest-rate risk on the lender's books than they want for a small slice of the market.