Fixed Rate Explorer

7-Year Fixed Mortgage Rates

Compare 7-year fixed mortgage rates in Canada. Select another term below to review fixed-rate options by term length.

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Compare fixed mortgage terms before locking in your rate

Fixed mortgage terms can affect your rate, payment stability, prepayment flexibility, and renewal timing. Use RateBuddy to compare fixed rates by term length, including short-term and longer-term options, before deciding which mortgage term fits your budget and plans.

7-Year fixed mortgage rate options

Use the payment filters to estimate costs for this fixed term. RateBuddy shows current fixed mortgage rate options with lender details, estimated payments, and term-specific interest insights.

Customize your mortgage scenario

Adjust the purchase price, down payment, amortization, and payment frequency to see how your estimated mortgage payments change across the rate options below.

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Yrs
Tip: Use the filter to compare payment impact quickly. Even a small rate difference can change your estimated payment and total interest over time.
Take advantage of a cash back bonus directly from CIBC, available whether you are buying a home or switching your mortgage.
CIBC
Ratings
Google
Trustpilot
RateBuddy
Interest rate
5.11 %
7 Years Fixed
7 Year Fixed-Rate Closed Mortgage
Payment & interest estimate
Est. Monthly Payment $1,684
Interest in 5 years $68,958
Interest over 7 Years $94,067
First National provides competitive rates, simplified management, and ongoing education to help you achieve your financial goals.
First National Financial LP
Interest rate
5.14 %
7 Years Fixed
7 Year Fixed Mortgage
Payment & interest estimate
Est. Monthly Payment $1,689
Interest in 5 years $69,379
Interest over 7 Years $94,650
First National provides competitive rates, simplified management, and ongoing education to help you achieve your financial goals.
First National Financial LP
Interest rate
5.14 %
7 Years Fixed
7 Year Fixed Mortgage
Payment & interest estimate
Est. Monthly Payment $1,689
Interest in 5 years $69,379
Interest over 7 Years $94,650
Eligible borrowers can earn up to $7,250 in combined cashback directly from National Bank of Canada.
National Bank of Canada
Interest rate
5.26 %
7 Years Fixed
7 Year Fixed Rate Closed
Payment & interest estimate
Est. Monthly Payment $1,710
Interest in 5 years $71,061
Interest over 7 Years $96,981
Rate Guarantee: We guarantee your rate is in the best 1% of all rates in Canada. Find a lower rate and we will beat it or pay you $500 cash.
Butler Mortgage
Interest rate
5.29 %
7 Years Fixed
7 Year Fixed Mortgage
Payment & interest estimate
Est. Monthly Payment $1,715
Interest in 5 years $71,482
Interest over 7 Years $97,564
Eligible existing clients may receive a preferred mortgage rate discount. Log in or speak to a dedicated Mortgage Specialist to explore your options.
Tangerine Bank
Interest rate
5.50 %
7 Years Fixed
7 Year Fixed Mortgage
Payment & interest estimate
Est. Monthly Payment $1,750
Interest in 5 years $74,433
Interest over 7 Years $101,655
Commission-free mortgage experts providing honest advice and competitive rates through a 100% digital, transparent process.
Nesto
Interest rate
6.19 %
7 Years Fixed
7 Year Fixed Mortgage
Payment & interest estimate
Est. Monthly Payment $1,870
Interest in 5 years $84,169
Interest over 7 Years $115,181
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Mortgage rates across Canada

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Find national mortgage offers and rates available in your province, then explore a page designed for your local market.

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NORTH Northern Canada
3 markets
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Rates by lender

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Explore mortgage rate information from major Canadian banks, regional institutions and credit unions. Compare more than the advertised rate before choosing a provider.

How to Choose the Right Fixed Term

Choosing a term is about balancing your need for stability with your future plans. Here’s a simple guide to help you decide:

Short Terms (1-3 Years)

Best for flexibility. Choose a shorter term if you believe rates might drop soon, or if you anticipate selling your home or refinancing within the next few years. This helps you avoid potentially large prepayment penalties.

The 5-Year Term

The most popular choice in Canada. A 5-year term offers a great balance of stability and a competitive interest rate. It's the "gold standard" and an excellent option for most first-time home buyers and those looking for predictability.

Long Terms (7-10 Years)

Best for maximum stability. If you're in your "forever home" and want to lock in a rate for the long haul, this provides ultimate peace of mind. Your payments are set for up to a decade, protecting you completely from rate hikes.

Pro Tip: What if You Move?

The biggest risk of a long term is needing to move before it ends. To avoid huge penalties, ask if the mortgage is "portable". A portable mortgage lets you take your existing rate and term with you to a new property, saving you thousands. It's a crucial feature for long-term flexibility.

Example Penalty on a $400,000 Mortgage:

3 Months' Interest Based on your contract rate (e.g., 5.0%). ~$5,000
IRD Penalty Based on the difference between your rate and current rates. ~$12,500+

In this case, the lender would charge the higher IRD penalty.

Understand the Penalty

Before choosing a longer term for its stability, always ask your lender how the **prepayment penalty** is calculated if you need to break your mortgage early.

For fixed-rate mortgages, this penalty is often the greater of 3 months' interest or the **Interest Rate Differential (IRD)**. The IRD can be very expensive, so it's a crucial factor to consider.

Find your mortgage path

Explore mortgage options based on what matters to you

Compare rates by structure, mortgage goal, term and market scenario without navigating through an oversized menu.

How to compare fixed mortgage terms in Canada

Fixed mortgage terms let you lock in an interest rate for a set period, usually from 1 year to 10 years. Shorter fixed terms may offer more renewal flexibility, while longer fixed terms can provide more payment stability and protection from rate increases.

What changes when you choose a different fixed term?

The mortgage term can affect your rate, renewal date, penalty exposure, prepayment flexibility, and how long your payment stays predictable. A lower rate may look attractive, but the right term also depends on your plans to move, refinance, renew, or make extra payments.

Who may prefer shorter fixed mortgage terms?

Shorter fixed terms may suit borrowers who want flexibility, expect rates to change, may sell soon, or do not want to commit to a longer mortgage term. They can also be useful when you want to reassess your mortgage sooner.

Who may prefer longer fixed mortgage terms?

Longer fixed terms may suit borrowers who value predictable payments and want to reduce renewal risk. Before choosing a longer term, compare the rate difference, penalty rules, portability, and prepayment options to make sure the stability is worth the commitment.

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Frequently Asked Questions

The 5-year fixed-rate mortgage is by far the most popular choice for Canadian homeowners. It offers a great balance of stability with a term that isn't excessively long, aligning well with many people's financial planning cycles.

You might choose a shorter term (like 2 or 3 years) if you expect interest rates to decrease in the near future. This allows you to renew sooner at a potentially lower rate. It's also a good option if you think you might sell your home or want to refinance before the 5-year mark, as breaking a shorter-term mortgage often results in a lower penalty.
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