15-Year Fixed Mortgages Rates
Is a 15-year fixed mortgage right for you? Find the best mortgage rate for your home.
Canada's Best Mortgage Rates By Mortgage Term
Evaluate Canada’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Updated 18:47 on Apr 27, 2025| Placeholder |
Insured
The rates in this column apply to borrowers who have purchased mortgage default insurance.
This is required when you purchase a home with less than a 20% down payment.
The home must be owner-occupied and the amortization must be 25 years or less.
|
80% LTV
The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
|
65% LTV
The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
|
Uninsured
The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.
|
Bank Rate
Bank Rate is the mortgage interest rate posted by the big banks in Canada.
|
|---|---|---|---|---|---|
| 1-year fixed rate | 4.69% | 4.19% | 4.19% | 5.59% |
5.49%
|
| 2-years fixed rate | 3.99% | 3.89% | 3.89% | 4.70% |
4.79%
|
| 3-years fixed rate | 3.79% | 3.79% | 3.79% | 4.09% |
4.39%
|
| 4-years fixed rate | 3.99% | 3.99% | 3.99% | 4.44% |
4.29%
|
| 5-years fixed rate | 3.74% | 3.84% | 3.89% | 3.84% |
3.99%
|
| 7-years fixed rate | 4.39% | 3.99% | 3.99% | 5.19% |
5.00%
|
| 10-years fixed rate | 5.04% | 4.34% | 4.34% | 5.29% |
6.09%
|
| 3-years variable rate | 4.15% | 4.30% | 4.30% | 4.45% |
6.35%
|
| 5-years variable rate | 4.00% | 3.95% | 3.95% | 4.05% |
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
|
Today's 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.
Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Lender
|
Insured
|
Insurable
|
Uninsured
|
|---|---|---|---|
Frank Mortgage
|
3.79%
$2,573.49 / month
|
3.99%
$2,627.39 / month
|
3.89%
$2,600.37 / month
|
Northwood Mortgage Ltd.
|
4.19%
$2,681.85 / month
|
4.49%
$2,764.59 / month
|
4.19%
$2,681.85 / month
|
BMO
|
4.25%
$2,698.30 / month
|
4.47%
$2,759.03 / month
|
4.47%
$2,759.03 / month
|
Innovation Federal Credit Union
|
4.49%
$2,764.59 / month
|
4.49%
$2,764.59 / month
|
4.49%
$2,764.59 / month
|
True North Mortgage
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
Hypotheca
|
3.74%
$2,560.11 / month
|
3.74%
$2,560.11 / month
|
3.74%
$2,560.11 / month
|
Monster Mortgage
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
DUCA Financial
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
Nesto
|
3.84%
$2,586.91 / month
|
3.84%
$2,586.91 / month
|
3.84%
$2,586.91 / month
|
The Mortgage Advisors
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
Interior Savings
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
City Wide Financial Corp
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
Prospera Credit Union
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
Mortgage Brokers City Inc
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
First Foundation
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
Alterna Savings
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
Simplii Financial
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
MortgagestoGo
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Laurentian Bank Canada
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Northern Birch Credit Union
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
CIBC
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
The Police Credit Union
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Creative Arts Savings & Credit Union Limited
|
4.29%
$2,709.29 / month
|
4.29%
$2,709.29 / month
|
4.29%
$2,709.29 / month
|
First Credit Union
|
4.29%
$2,709.29 / month
|
4.29%
$2,709.29 / month
|
4.29%
$2,709.29 / month
|
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.
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 caf culture in Toronto or any other major city.
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