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The Best 7 Year Fixed Closed Mortgage Rates

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Ready to find your best mortgage rate?

CIBC
President's Choice Financial
RBC Royal Bank
Scotiabank
Tangerine
TD Canada Trust
BMO Bank of Montreal
True North

To get started, tell us a bit about your location and borrowing needs - and we'll do the rest! Your personalized results will include the best rates from lenders and mortgage brokers, right in your region. Simply pick a product you like, and we'll put you in touch for more info by email, website or phone - no obligation or purchase required.

What is a mortgage broker - and why would I work with one instead of a bank?

Think of a mortgage broker as your personal mortgage shopper - they've got access to a number of rates offered by multiple lenders, and do the legwork to connect you with your best match. Brokers work with your unique financial institution, and will help negotiate the best rate on your behalf - best of all, their services are absolutely free!

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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MoneyWise is the official news magazine of RateSupermarket.ca. Looking to learn about Canadian finances? You've come to the right place.

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