7-Year Fixed Mortgage Rates

Updated September 21st, 2020

Best 7-Year Fixed Rate
2.34%
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Mortgage Term:

Number of Years

Fixed or Variable

Home Price:
Downpayment:
%
Mortgage Amount:
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LenderRateWeekly ChangeMonthly Payment
Best 7-Year fixed Rate
MtgAlliance
MtgAlliance
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2.34%
7-YEAR FIXED
Gold Medal
No change
$2,093
Gold Medal
Tangerine
Tangerine
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2.49%
7-YEAR FIXED
No change
$2,093
+$36
Dominion Lending
Dominion Lending
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2.59%
7-YEAR FIXED
No change
$2,093
+$60
CIBC
CIBC
2.61%
7-YEAR FIXED
No change
$2,093
+$64
Coast Capital
Coast Capital
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2.69%
7-YEAR FIXED
No change
$2,093
+$84
FN
FN
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2.94%
7-YEAR FIXED
No change
$2,093
+$145
RBC
RBC
3.14%
7-YEAR FIXED
No change
$2,093
+$194
CMLS
CMLS
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3.54%
7-YEAR FIXED
No change
$2,093
+$295
DUCA
DUCA
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5.09%
7-YEAR FIXED
No change
$2,093
+$709
TD
TD
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5.35%
7-YEAR FIXED
No change
$2,093
+$782
Desjardins
Desjardins
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5.39%
7-YEAR FIXED
No change
$2,093
+$793
National
National
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5.39%
7-YEAR FIXED
No change
$2,093
+$793
Scotiabank
Scotiabank
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5.39%
7-YEAR FIXED
No change
$2,093
+$793
Simplii Financial
Simplii Financial
5.39%
7-YEAR FIXED
No change
$2,093
+$793
BMO
BMO
5.40%
7-YEAR FIXED
No change
$2,093
+$796
Alterna Savings
Alterna Savings
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5.55%
7-YEAR FIXED
No change
$2,093
+$838
HSBC
HSBC
5.64%
7-YEAR FIXED
No change
$2,093
+$864

Notes

  • Weekly rate changes based on data from September 2nd 2020.
  • These rates are for Prime customers. To qualify, you generally need a good credit score and a steady job.
  • The following rates may not be valid for uninsured mortgages.

Canada's Top Mortgage: the 5-Year Fixed

In Canada, out of the $1.1 trillion CAD in outstanding residential mortgages in May 2020, the 5-year fixed rate mortgage takes the crown with over $570 billion, or almost 50%, of all mortgages in Canada. There are more 5-year fixed rate mortgages than all variable rate mortgages combined. The 5-year fixed rate mortgage is so popular that the CMHC uses the Bank of Canada's 5-Year Benchmark Posted Rate for its mortgage stress test.

Comparison of Fixed-Rate Mortgages in Canada

Data From Statistics Canada (May 2020)

While we try our best to get your the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.