In this video, learn all about a Fixed Rate Mortgage! A fixed mortgage rate in Canada is a type of mortgage in which the interest rate remains the same for the entire term of the loan, typically ranging from six months to 10 years. This means that borrowers can expect their monthly mortgage payments to stay the same over the course of their loan, making it easier to plan and budget for their mortgage payments. Fixed mortgage rates are often preferred by borrowers who want the stability and predictability of knowing what their monthly mortgage payments will be.