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15-Year Fixed Mortgages Rates

Is a 15-year fixed mortgage right for you? Find the best mortgage rate for your home.

Today's top rates in:

5-Year Variable
4.85%
5-Year Fixed
4.24%
Select one of the following to get started!

Compare best mortgage rates from lenders across Canada

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The Best Mortgage Rates in Canada

Evaluate Canada’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Canada.

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Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Lender tooltip icon Insured tooltip icon Insurable tooltip icon Uninsured tooltip icon
MMG Mortgages
MMG Mortgages
3.95% grey tooltip icon
$2,616.57 / month
4.24% grey tooltip icon
$2,695.56 / month
4.09% grey tooltip icon
$2,654.55 / month
Compass Mortgage Group oa My Mortgage Power
Compass Mortgage Group oa My Mortgage Power
3.99% grey tooltip icon
$2,627.39 / month
4.24% grey tooltip icon
$2,695.56 / month
4.09% grey tooltip icon
$2,654.55 / month
Northwood Mortgage Ltd.
Northwood Mortgage Ltd.
4.19% grey tooltip icon
$2,681.85 / month
4.49% grey tooltip icon
$2,764.59 / month
4.19% grey tooltip icon
$2,681.85 / month
BMO
BMO
4.25% grey tooltip icon
$2,698.30 / month
4.47% grey tooltip icon
$2,759.03 / month
4.47% grey tooltip icon
$2,759.03 / month
Innovation Federal Credit Union
Innovation Federal Credit Union
4.25% grey tooltip icon
$2,698.30 / month
4.25% grey tooltip icon
$2,698.30 / month
4.25% grey tooltip icon
$2,698.30 / month
Rocket Mortgage
Rocket Mortgage
4.39% grey tooltip icon
$2,736.87 / month
4.54% grey tooltip icon
$2,778.49 / month
4.39% grey tooltip icon
$2,736.87 / month
Gibson Mortgages
Gibson Mortgages
4.99% grey tooltip icon
$2,905.18 / month
4.44% grey tooltip icon
$2,750.71 / month
4.29% grey tooltip icon
$2,709.29 / month
Nuborrow
Nuborrow
5.49% grey tooltip icon
$3,049.05 / month
5.49% grey tooltip icon
$3,049.05 / month
5.49% grey tooltip icon
$3,049.05 / month
True North Mortgage
True North Mortgage
2.99% grey tooltip icon
$2,363.66 / month
2.99% grey tooltip icon
$2,363.66 / month
2.99% grey tooltip icon
$2,363.66 / month
Nesto
Nesto
3.64% grey tooltip icon
$2,533.44 / month
3.64% grey tooltip icon
$2,533.44 / month
3.64% grey tooltip icon
$2,533.44 / month
Hypotheca
Hypotheca
3.74% grey tooltip icon
$2,560.11 / month
3.74% grey tooltip icon
$2,560.11 / month
3.74% grey tooltip icon
$2,560.11 / month
Monster Mortgage
Monster Mortgage
3.79% grey tooltip icon
$2,573.49 / month
3.79% grey tooltip icon
$2,573.49 / month
3.79% grey tooltip icon
$2,573.49 / month
The Mortgage Advisors
The Mortgage Advisors
3.87% grey tooltip icon
$2,594.98 / month
3.87% grey tooltip icon
$2,594.98 / month
3.87% grey tooltip icon
$2,594.98 / month
First Foundation
First Foundation
3.94% grey tooltip icon
$2,613.86 / month
3.94% grey tooltip icon
$2,613.86 / month
3.94% grey tooltip icon
$2,613.86 / month

Today's Best Mortgage Rates in Canada

Evaluate Canada’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare all key mortgage types and terms.

Rates are based on an average mortgage of $500,000

Insured 80% LTV 65% LTV Uninsured Bank Rate
1-year fixed rate 4.69% 4.19% 4.19% 6.15%
5.49%
2-year fixed rate 4.09% 3.99% 3.99% 4.70%
4.79%
3-year fixed rate 3.79% 3.79% 3.79% 4.24%
4.39%
4-year fixed rate 4.04% 3.99% 3.99% 4.44%
4.29%
5-year fixed rate 3.64% 3.89% 3.64% 3.64%
3.99%
7-year fixed rate 4.39% 4.19% 4.19% 5.79%
5.00%
10-year fixed rate 5.04% 4.44% 4.44% 5.84%
6.79%
3-year variable rate 4.15% 4.15% 4.15% 4.45%
6.35%
5-year variable rate 3.95% 3.95% 3.95% 4.00%
4.25%
HELOC rate N/A N/A N/A N/A N/A
Stress test 5.25% 5.25% 5.25% 5.25% N/A
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Written By Lubna Umar

Updated

15-year fixed mortgages in Canada

Most mortgage terms in Canada don't exceed 10 years, but of course there are exceptions. The 15-year fixed mortgage rate is one of them, and means that your interest rate is locked in for a full 15 years.

It's very rare for a borrower to choose a 15-year fixed mortgage since a minority of people under the age of 50 remain in their home for that long. That significantly increases the likelihood of needing to break the mortgage early, which would entail a potentially large prepayment penalty.

This term is one of the longest in Canada and is currently only offered by Sunrise Credit Union in Manitoba.

Pros and cons of a 15-year fixed mortgage rate

There are very few people who would opt to lock in a rate for 15 years, aside mostly from investors. But one of the benefits of an extra-long mortgage term is the security of knowing that the mortgage payment and interest rate will remain stable for the duration of the term.

The downside of locking in a rate for such a long period is the rate premium. That long-term price stability comes at a steep price compared to the lowest rates currently available for shorter terms. The premium for a 15-year fixed mortgage can be more than two percentage points higher than the best 5-year fixed rates, for example, which translates into much more interest being paid out over the term.

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Find a mortgage broker

Engaging a mortgage broker before renewing can help you make a better decision. Mortgage brokers are an excellent source of information for deals specific to your area, contract terms, and their services require no out-of-pocket fees if you are well qualified.

Here at RATESDOTCA, we compare rates from the best Canadian mortgage brokers, major banks and dozens of smaller competitors.

Lubna Umar

Lubna Umar is an SEO Content Manager at RATESDOTCA. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the café culture in Toronto or any other major city.

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