Bank of Canada Paused the Policy Rate at 2.25%
Best 10-Year Fixed Mortgage Rates in Canada
Today’s Best 10-Year Fixed Rate. Last updated June 18, 2026
As of June 18, 2026, nesto’s lowest 10-year fixed insured mortgage rate in Canada is 7.74%. The 10-year fixed is the longest rate lock-in period available in Canada, and one of the least-chosen terms: it carries the highest rate of any fixed term and the largest penalty if you break it early. Where it earns its place is certainty, a fixed payment for a full decade, with the break penalty capped at three months’ interest once you pass year five.
No rates at the moment
*Insured loans. Other conditions apply. Rate in effect as of today (Thursday, June 18, 2026).
Compare Current 10-Year Fixed Mortgage Rates Across Canada
Wherever you are in Canada, you can compare today’s live 10-year fixed mortgage rates in minutes. The table below shows nesto’s current pricing for insured and insurable mortgages, refreshed whenever 10-year Government of Canada (GoC) bond yields and lender funding costs change. The 10-year fixed is a maximum-certainty product, not a low-rate one: it carries the highest rate of any fixed term, so it suits borrowers who value the longest possible rate lock-in period more than the lowest payment.
These rates apply to insured mortgages between $700,000 and less than $1,375,000. Conditions apply. For a personalized payment estimate, use nesto’s Mortgage Payment Calculator.
Are you a first-time buyer?
Province
Today’s National 10-Year Fixed Mortgage Rate Trends
For Thursday, June 18, 2026:
Canada’s average 10-year fixed conventional mortgage rate is currently 6.50%, priced off the 10-year Government of Canada (GoC) bond yield, which sits at 3.38%. The gap between the two is the lender spread that covers funding costs and risk. The 10-year fixed is typically the highest-priced fixed term at most lenders in Canada. It locks your rate for the longest period any lender offers, and lenders charge the widest margin for carrying that much interest-rate risk.
Note: one basis point is 1/100th of a percentage point, or 0.01%.
What is the average 10-year fixed mortgage rate in Canada today?
As of June 18, 2026, Canada’s average 10-year fixed conventional mortgage rate is
What is the lowest 10-year fixed insured mortgage rate in Canada today?
As of June 18, 2026, the lowest 10-year fixed insured mortgage rate available through nesto is 7.74%. Insured rates apply to high-ratio mortgages with a down payment of less than 20% on a property priced under $1.5 million. Your 10-year fixed rate carries a lock-in period for the full 120-month term.
We’re curious…
Are you a first-time buyer?
Find the Best 10-Year Fixed Mortgage Rate
nesto offers the 10-year fixed as an insured or insurable mortgage, priced based on the loan-to-value (LTV) ratio. The table below shows today’s 10-year fixed rate for each borrower profile, along with the stress test minimum qualifying rate (MQR) set by the Office of the Superintendent of Financial Institutions (OSFI).
| Mortgage Type | 10-Year Fixed Rate | Stress Test Qualifying Rate | Best For |
|---|---|---|---|
| Insured (down payment less than 20%) | 7.74% | 9.74% | High-ratio buyers who want the longest rate lock-in peroid in Canada |
| Insurable, 0 to 65% LTV (down payment of 35% or more) | 7.74% | 9.74% | Buyers with a down payment of 35% or more |
| Insurable, 65 to 70% LTV (down payment of 30% to 34.99%) | 7.84% | 9.84% | Buyers with a down payment of 30% to 35% |
| Insurable, 70 to 75% LTV (down payment of 25% to 29.99%) | 7.94% | 9.94% | Buyers with a down payment of 25% to 30% |
| Insurable, 75 to 80% LTV (down payment of 20% to 24.99%) | 7.99% | 9.99% | Buyers with a down payment of 20% to 25% |
5-Year vs 7-Year vs 10-Year Fixed
The 10-year fixed is the longest rate lock available at most lenders in Canada. The 5-year fixed is the Canadian default that nearly every borrower understands and nearly every lender prices most competitively. The 7-year fixed sits between the two. The 10-year provides the most certainty, carries the highest rate, and has the most significant prepayment penalty exposure. The table below shows how the three compare today.
| Decision Factor | 5-Year Fixed | 7-Year Fixed | 10-Year Fixed |
|---|---|---|---|
| Today’s nesto best insured rate | 4.09% | 6.19% | 7.74% |
| Term length | 60 months | 84 months | 120 months |
| Relative rate | Most competitively priced | Premium over the 5-year | The highest priced of the three options |
| Break penalty after year 5 | No penalty as the term ends at year 5 | Capped at 3 months’ interest in year 5 | Capped at 3 months’ interest in year 5 |
| Most suitable for | The balance of rate and certainty most borrowers want | Extra certainty with year-5 prepayment protection | Most certainty with year-5 prepayment protection |
Why a 10-Year Fixed Costs More Than a 5-Year
The 10-year fixed carries the highest rate of any fixed term, for two structural reasons. First, the lender locks your rate for a full decade and carries ten years of interest-rate risk, so they build the widest spread into the rate. Second, the 5-year term is where Canadian lender competition is fiercest, so 5-year pricing is sharpened in a way that 10-year pricing is not. The result is a meaningful premium over the 5-year for five extra years of certainty, and most borrowers decide that the trade-off is not worth it. You can see the current gap between 4.09% and 7.74% in the rate options above, and estimate the monthly difference with nesto’s Mortgage Payment Calculator.
The Break-Penalty Risk on a 10-Year Fixed
The most underappreciated cost of a 10-year fixed is the penalty to break it. A 10-year fixed concentrates a decade of interest-rate risk into one decision, and the break penalty reflects that. If you break it before the fifth anniversary, the penalty is the greater of three months’ interest or the interest rate differential (IRD). Since the IRD is calculated over the time remaining on the term, a long term with several years left can produce a very large penalty.
After the fifth anniversary of a 10-year fixed term, the break penalty risk drops sharply. Under section 10 of the Interest Act, once a mortgage with a term longer than five years passes its fifth anniversary, the most a lender can charge to break it is three months’ interest, regardless of the contract’s penalty clause. This cap applies to individual borrowers, not to mortgages registered in the name of a corporation. Before signing a 10-year term, estimate your potential cost with nesto’s mortgage penalty calculator.
Why Canada Doesn’t Have a 30-Year Fixed Like the US
Borrowers moving from the United States often ask why they cannot lock a Canadian rate for 30 years. The answer is the difference between your term and your amortization. In Canada, your amortization is the full length of time to pay off the mortgage, usually 25 or 30 years, but your rate is fixed only for the term, after which you renew at the prevailing rate.
The US 30-year fixed locks in the rate for the entire amortization period. The Canadian system locks it in for the term and then renews it. The longest term most Canadian lenders offer is 10 years, and lenders, regulators, and borrowers have settled on the 5-year term as the default.
Lenders also have little incentive to go longer. Under the Interest Act, once a term longer than five years has passed its fifth anniversary, the prepayment penalty is capped at three months’ interest, which limits how much of its interest-rate risk a lender can recover over a longer term. The 10-year fixed exists for borrowers who want the maximum certainty Canadian lending allows, but its rate premium and break-cost exposure mean very few Canadians choose it.
Is a 10-Year Fixed Mortgage Worth It in 2026?
For most borrowers, the 10-year fixed mortgage is not worth it. The 10-year fixed is one of the least-chosen terms in Canada, and the math is the reason: you pay a premium over the 5-year fixed for the next decade, and you take on the largest break-cost exposure of any common term if life forces an early exit. CMHC reports that terms of five years or more are a small and declining share of the market, and even the traditional 5-year fixed fell to about 11% of new mortgages at chartered banks by early 2026.
The 10-year term can make sense for a narrow group: borrowers who plan to hold the same property for the full ten years or more, who value payment certainty above all else, and who are confident they will not need to break the mortgage in the first five years. For almost everyone else, a 5-year fixed term or a shorter term with a plan to renew offers more flexibility at a lower rate, given your unique financial circumstances.
Learn About 10-Year Fixed Mortgage Rates
Find below the most common questions Canadians ask about 10-year fixed mortgages.
What is a 10-year fixed mortgage rate?
A 10-year fixed mortgage rate is an interest rate with a fixed payment for a 120-month term. Your interest rate and payment do not change for the full ten years, regardless of what happens to government bond yields or the Bank of Canada policy rate. At the end of the term, you renew at the prevailing rate. It is the longest fixed term offered by most lenders in Canada.
How are 10-year fixed mortgage rates determined?
10-year fixed rates are set by the 10-year Government of Canada (GoC) bond yield plus a lender spread. As lenders carry the most interest-rate risk over the longest lock-in period and compete least aggressively on it, the spread on a 10-year is the widest of any fixed term, so its rate is the highest. Your personal rate offered also depends on your loan-to-value ratio, credit profile, and whether the mortgage is insured or insurable.
What is the penalty for breaking a 10-year fixed mortgage?
If you break a 10-year fixed before its fifth anniversary, the penalty is the greater of three months’ interest or the interest rate differential (IRD), which can be very large because the IRD is calculated over the years remaining on the term. After the fifth anniversary, the Interest Act caps the penalty at three months’ interest for non-corporate borrowers. Estimate your prepayment penalty with nesto’s mortgage penalty calculator before signing.
Why does a 10-year fixed cost more than a 5-year fixed?
A 10-year fixed costs more than a 5-year fixed mainly because of the term premium, the extra yield investors demand for locking into a longer-term bond, which Bank of Canada research notes has recently risen to its highest level in over a decade. Each fixed term is priced off a Government of Canada bond of similar maturity, and a longer term carries more interest-rate risk, so the 10-year bond behind a 10-year mortgage normally yields more than the 5-year bond behind a 5-year mortgage. The 5-year term is also when Canadian lender competition is fiercest, which further sharpens pricing. Together, these factors make the 10-year the highest-priced fixed term.
Why do so few Canadians choose a 10-year fixed?
Few Canadians choose a 10-year fixed because it carries the highest rate of any fixed term and the largest break-cost exposure if they need to exit early. CMHC data show that terms of five years or more are a small and declining share of the market, with borrowers favouring 3- to 5-year terms. Most borrowers prefer to renew a shorter term at the current rates rather than lock in a premium rate for a full decade.
How do I apply for a 10-year fixed mortgage with nesto?
To apply for a 10-year fixed mortgage with nesto, answer a few questions through nesto’s online application, or call to speak with a nesto mortgage expert.
nesto offers a pre-qualification rather than a pre-approval with a rate hold, so your best rate locks once you have an accepted offer to purchase or an approved switch or transfer at renewal. nesto offers its longest rate hold, up to 150 days, on its 5-year fixed and 5-year variable mortgages, so a 10-year fixed carries a shorter rate hold of up to 120 days. nesto mortgage experts are commission-free and salaried, so the guidance you receive is suited to your unique financial circumstances.
Why Choose nesto
At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and the quality of their advice. nesto aims to transform the mortgage industry by providing honest advice and competitive rates through a 100% digital, transparent, and seamless process.
nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.
Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.