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10-Year Fixed Mortgage Rates Canada | Best Mortgage Rates 2024

Find the Best Mortgage Rates in Canada

Today’s Mortgage Rates updated as of December 12, 2024 9:14 pm

For a property located in

5-year fixed*

4.29

5-year Variable*

5.40

(Prime -1.15%)

*Insured loans. Other conditions apply. Rate in effect as of today.

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What Are 10-Year Fixed Mortgage Rates?

A 10-year fixed mortgage rate locks in your interest rate and payment schedule for a full decade, providing unmatched stability and predictability. This long-term mortgage option is ideal for Canadians who prioritize financial consistency and wish to avoid the uncertainty of fluctuating interest rates.

Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.

This guide focuses on helping you navigate the Canadian mortgage market, offering insights into current rates, strategies for securing the best deal, and regional trends.

Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.

For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).

Why Choose a 10-Year Fixed Mortgage Rate?

Opting for a 10-year fixed mortgage rate offers several compelling benefits:

1. Long-Term Stability

  • Locks in your interest rate for 10 years, eliminating the need to worry about rate hikes during the term.

2. Predictable Budgeting

  • Fixed payments over a decade provide certainty for long-term financial planning.

3. Convenience

  • Avoid the hassle of renewing your mortgage every few years and enjoy peace of mind.

Learn more about today’s best mortgage rates in Canada.

Current 10-Year Fixed Mortgage Rates in Canada

Lender10-Year Fixed Rate (%)Features
Big 5 Banks (Average)6.00% – 6.30%Long-term stability with fixed rates
Online Lenders5.90% – 6.25%Competitive rates, fewer fees
Credit Unions5.95% – 6.20%Personalized service, flexible options

Read about how fixed and variable rates compare on the Government of Canada website.

Mortgage Statistics for Short-Term Rates

Metric10-Year FixedNational Average
Average Rate (2024)6.15%5.50% – 6.50%
Typical Loan Size$385,000$390,000
Approval Time3–7 Business Days3–7 Business Days

Why Choose Citadel Mortgages for a 10-Year Fixed Rate?

At Citadel Mortgages, we specialize in helping Canadians secure long-term mortgage solutions.

What We Offer

  1. Extensive Lender Network:

    • Compare competitive rates from banks, credit unions, and alternative lenders.
  2. Tailored Advice:

    • Receive personalized recommendations that align with your financial goals.
  3. Expert Guidance:

    • Navigate market trends and maximize your savings with our experienced team.
  4. Efficient Process:

    • Quick approvals and seamless service ensure a hassle-free experience.

 

Using a mortgage broker that has access to some of the lowest mortgage rates in Canada, is key to ensure you have the best approval rate.

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Compare 10 Year Fixed Mortgage Rates In Canada

Discover the average savings of current Citadel Mortgage clients when they choose Citadel Mortgages over the top banks!

While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.

$300,000
Mortgage Loan

$12,414

(5-years interest savings with Citadel Mortgages)**

$232/month

(Interest savings with Citadel Mortgages)

$500,000
Mortgage Loan

$17,090

(5-years interest savings with Citadel Mortgages)**

$290/month

(Interest savings with Citadel Mortgages)

Eligibility Criteria for a 10-Year Fixed Mortgage

To qualify for the best 10-year fixed mortgage rates, borrowers must meet specific requirements:

1. Strong Credit Score

  • A credit score of 700 or higher is typically required for the best rates due to the long-term commitment.

2. Income Stability

  • Lenders require proof of consistent income through pay stubs, T4 slips, or NOAs for self-employed individuals.

3. Down Payment

  • A minimum of 5% for insured mortgages and 20% for uninsured mortgages is necessary.

4. Debt-to-Income Ratios

  • Gross Debt Service (GDS) ratio ≤ 35% and Total Debt Service (TDS) ratio ≤ 42% are standard requirements.

5. Property Type

  • The property must be a residential, owner-occupied home or an eligible rental property.

Find more tips on mortgage approval from the FCAC.

Who Should Consider a 10-Year Fixed Mortgage?

A 10-year fixed mortgage is well-suited for:

  1. Long-Term Planners:

    • Ideal for homeowners who want stability and predictability for the next decade.
  2. Risk-Averse Borrowers:

    • A great choice for those who wish to avoid market volatility and frequent renewals.
  3. Retirees or Stable Income Earners:

  4. Perfect for individuals with steady income who value consistent payments over the long term.

We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!

Lowest 10 Year Fixed Mortgage Rates In Canada

Documents Needed for Mortgage Approval in Canada

  • Government ID: Driver’s license, passport, or permanent resident card.
  • Proof of Income: Recent pay stubs, T4 slips, or self-employment income proof.
  • Employment Verification: Letter from your employer detailing salary and position.
  • Down Payment Proof: Bank statements or proof of savings.
  • Credit Report Authorization: Permission for lenders to access your credit history.

 

Additional Documentation

  • Other documents may be needed based on your unique situation. Our experienced mortgage agents at Citadel Mortgages will assist you in identifying and gathering any additional paperwork required to complete your second mortgage application.

Get a Mortgage with Citadel Mortgages

Navigate Interest Rate Trends with Confidence: Mortgage Solutions Tailored for You

At Citadel Mortgages, we recognize how important it is to stay informed about changing mortgage interest rates. Whether you’re purchasing your first home, refinancing, or renewing your mortgage, we’re here to guide you through the process with solutions that suit your financial needs, even in fluctuating rate environments.


Why Choose Our Mortgage Solutions?

Flexible Mortgage Options

From fixed to variable rates, we offer tailored solutions that help you secure the most competitive interest rates for your situation.

Expert Guidance on Rate Trends

Our team monitors the Canadian mortgage market to provide insights on current rates, helping you make informed decisions.

Approval Regardless of Credit History

We focus on finding solutions, even if you’ve faced credit challenges or financial setbacks.

Low-Income Friendly Options

Income constraints shouldn’t hold you back. We specialize in making homeownership accessible for Canadians in various financial situations.

Streamlined Application Process

Enjoy a smooth experience with quick approvals and clear communication every step of the way.


Benefits of Working with Citadel Mortgages

Rate Lock Protection

Secure today’s interest rates to avoid surprises if rates increase before your mortgage closes.

Debt Relief Options

Consolidate high-interest debt into a single, lower-interest mortgage payment, saving you money and simplifying your finances.

Customizable Payment Plans

Choose flexible payment terms that fit your budget, whether you prefer the stability of a fixed rate or the potential savings of a variable rate.

Quick Fund Access for Refinancing

Refinance your mortgage to tap into your home’s equity for renovations, debt consolidation, or investment opportunities.

Contact Us To Get Approved Now

Citadel Mortgages 10 Year Fixed Mortgage Rates

10-Year Fixed vs. Other Mortgage Terms

Feature10-Year Fixed5-Year FixedVariable Rate
Term Length10 Years5 YearsVaries
Interest RateHigherCompetitivePotentially Lower
Payment StabilityHighestStableVariable
FlexibilityLowestModerateHighest
Best ForLong-Term StabilityMedium-Term NeedsRisk Tolerance

 

Benefits of Monitoring the Target Overnight Rate

Staying updated on the Bank of Canada’s target overnight rate helps homeowners and buyers:

  1. Plan Financially: Understand how potential rate changes may affect your monthly payments.
  2. Refinance Strategically: Take advantage of lower rates when refinancing an existing mortgage.
  3. Lock in Competitive Rates: Secure a fixed rate before anticipated rate increases.
  4. Avoid Surprises: Prepare for potential increases in borrowing costs.

 

Bank of Canada Rate Announcements for 2024

The Bank of Canada schedules eight interest rate announcements annually, providing updates on monetary policy.


 

Should You Choose Fixed or Variable Rates in 2024?

With the Bank of Canada targeting inflation control, many Canadians face the dilemma of choosing between fixed and variable mortgage rates.

FeatureFixed RateVariable Rate
Payment StabilityConsistent payments for the termPayments fluctuate with the prime rate
Interest CostsSlightly higher but predictableLower initially but may increase
Risk ToleranceIdeal for risk-averse borrowersSuitable for those comfortable with rate changes
Market OutlookBest if rates are expected to riseBest if rates are expected to fall

FAQs: 10-Year Fixed Mortgage Rates

What happens when my 10-year fixed term ends?

You can renew, refinance, or switch lenders based on your financial goals and market conditions.

Yes, but they provide unmatched stability and protection from market fluctuations.

Yes, but penalties for breaking a long-term mortgage can be higher. Consult your lender for specific terms.

It depends. While it offers stability, the higher interest rates may not be ideal for those planning to sell or refinance soon.

Use Our Mortgage Calculator Today!

Understanding Your Mortgage Options

 

Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.

 

Benefits of Using Our Mortgage Calculator

  • Accurate Estimates: Get precise calculations on your potential second mortgage amount based on your home’s equity, current mortgage balance, and other financial factors.
  • Financial Planning: Understand your monthly payment obligations and how they fit into your overall budget.
  • Interest Rate Comparison: Compare different interest rates to see how they affect your monthly payments and total loan cost.
  • Loan Scenarios: Explore various loan scenarios to determine the best option for your financial needs.

 

 

Final Thoughts: 10-Year Fixed Mortgage Rates in Canada

A 10-year fixed mortgage rate offers unmatched long-term stability and peace of mind, making it an excellent choice for Canadians who value predictable payments and want to avoid the uncertainty of fluctuating interest rates. While the rates are typically higher than shorter-term options, the security it provides over a decade often outweighs the additional cost for risk-averse borrowers.

This mortgage term is ideal for long-term planners, retirees, or those with stable incomes who want to focus on building financial security without worrying about market conditions. By locking in your rate for 10 years, you gain the ability to plan your budget confidently and protect yourself from unexpected rate hikes.

At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.

Contact Citadel Mortgages today for expert advice.

Why Choose Citadel Mortgages

At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:

 

Expertise Across Canada

Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.

 

Client-Focused Service

Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.

 

Competitive Rates

Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.

 

Transparent and Seamless Process

We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.

 

Commitment to Excellence

At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.

 

Contact Us Today

For personalized advice and the best mortgage rates in Toronto, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.

Utilize our mortgage calculators to determine the home affordability that suits you best!

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