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The Best 7 Year Fixed Closed Mortgage Rates

Rates for a mortgage shopper who’s looking for a longer term commitment.

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Compare Rates from 30+ Canadian Mortgage Brokers & Lenders

CIBC
Simplii Financial
RBC Royal Bank
Scotiabank
Tangerine
TD Canada Trust
BMO Bank of Montreal
True North

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A Middle of the Road Fixed Rate

When mortgage shoppers choose a fixed closed mortgage it means that they don't want their mortgage rate or the conditions of their repayment to change. The most popular term in Canada is five years, a reasonably long term with the option to take advantage of changing rates in the future. Mortgage shoppers determined to keep the same rate for the long haul generally settle on a ten year rate.

All the Familiar Faces

Most banks offer a seven year rate for shoppers who are looking for more commitment than the usual five. But banks aren't the only players in the game. Mortgage brokers, specialty lenders and credit unions often have special rates designed to undercut the banks, but they tend not to compete with terms higher than five years.

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