The 10 year fixed mortgage rate is the most risk-averse choice, if the borrower needs to budget for long term or simply believe that the interest rates will dramatically rise over the approaching years, then this mortgage term may make some good sense. For instance, if a borrower feels that they are certain that in mortgage rates will be higher in five years than the currently quoted rate, locking in for the long term is a better strategy.
The 10 year fixed mortgage rate is not as such popular since only 7% of the mortgage borrowers have terms ranging between 6 and 10 years. In short, long-term mortgage rates are not popular options in Canada. In fact, their popularity among the younger age groups is even less at about 3% for those between 18 and 34 years of age. Generally, fixed mortgage rates are the most popular in the country, with 66% out of all the mortgages.