10-Year fixed broker floor: 4.49% · 10-Year variable broker floor: 3.60% · Stress test qualifying rate: 6.49%. Compare by credit tier and province.
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A 10-year fixed term is Canada's longest commonly available mortgage term. It carries a meaningful rate premium but provides maximum rate certainty over a decade.
Typical borrower profile: 10-year fixed borrowers are typically older borrowers near retirement, those on strict fixed budgets, or borrowers highly confident they will not refinance or break the mortgage for 10 years.
Rate context: 10-year fixed rates carry a significant premium over 5-year rates — currently approximately +0.45% above the 5-year fixed broker floor. This reflects both the longer commitment and the lender's rate risk over a full decade.
Tradeoff vs 5-year fixed: A 10-year term offers the highest payment certainty but at the highest rate cost. IRD penalties on a 10-year fixed mortgage can be extremely large in a declining rate environment. Only commit if you are highly confident you won't need to break the term.
| Credit tier | Fixed broker floor | Fixed bank avg | Variable broker floor | Variable bank avg |
|---|---|---|---|---|
| Excellent (750+) | 4.49% | 4.74% | 3.60% | 4.00% |
| Good (680–749) | 4.74% | 4.99% | 3.85% | 4.25% |
| Fair (620–679) | 5.24% | 5.49% | 4.35% | 4.75% |
| Poor (below 620) | 5.99% | 6.24% | 5.10% | 5.50% |
Select fixed or variable to see detailed rate pages for every credit tier, intent, and province.
Mortgage rates are set nationally by lenders — the benchmark rate is the same across provinces for the same credit profile. However, provincial rules affect closing costs (land transfer tax), FTHB rebate eligibility, and the regulatory bodies that govern mortgage brokers. Select a province to see the full scenario-specific page.
The 10-Year fixed mortgage broker floor is approximately 4.49% and the bank average is approximately 4.74%, based on Bank of Canada benchmark data. These are reference rates — actual lender offers vary by credit profile and insured status.
The 10-Year variable mortgage broker floor is approximately 3.60% (prime minus 0.85%) and the bank average is approximately 4.00% (prime minus 0.45%), with prime at 4.45%.
The stress test qualifying rate for a 10-Year fixed mortgage at 4.49% is 6.49% (contract rate + 2%, minimum 5.25%). This qualifying rate determines your maximum mortgage amount.
A 10-year term offers the highest payment certainty but at the highest rate cost. IRD penalties on a 10-year fixed mortgage can be extremely large in a declining rate environment. Only commit if you are highly confident you won't need to break the term.