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Mortgage
Rates
What You Need
to Know.
Rates aren’t just numbers — they’re part of a bigger strategy. Understanding how they work can help you make a smarter mortgage decision.
How Are Mortgage Rates Determined?
Fixed Rates – Tied to bond yields, meaning they move based on market trends and long-term economic forecasts.
- Variable Rates – Connected to the Bank of Canada’s prime rate, which fluctuates with economic conditions and inflation control measures.
- Lender Considerations – Your mortgage rate isn’t just about the market—it also depends on your credit score, down payment, property type, loan-to-value ratio, and more.
- Type of Mortgage - One of the biggest factors impacting rate is whether the mortgage is insured, insurable or non insurable. For more on this you can refer to the Type of Mortgage section.
- It’s much easier to track bond rates to see where mortgage rates are heading. This insight helps determine whether locking in a term now makes sense—or if waiting could be beneficial.
Fixed or Variable: Which One is Right for You?
Choosing between a fixed-rate and variable-rate mortgage isn’t just about interest rates—it’s about your financial strategy.
- Fixed Rate – Stable payments, great for peace of mind, but usually higher upfront rates.
- Variable Rate – Lower initial rates and potential savings if rates drop, but comes with uncertainty.
- Term Selection – Should you go short, long, or somewhere in between? The right term depends on market conditions and your future plans. THe lowest rate may not be the right term for your personal situation.
Why We Don’t Just Post Rates Like Everyone Else
Many mortgage brokers post the lowest rates they can find—but here’s the problem:
- Many borrowers don’t actually qualify for those rates. Rates change daily with bond market fluctuations.
- Pre approval rates differ from rates on live transactions What matters more than the rate? The right mortgage strategy.
- Mortgage rates are posted all the time with all kinds of footnotes in tiny print. I personally don’t like the idea of just listing rates without a real discussion—because mortgage decisions aren’t one-size-fits-all. One
- Instead of chasing "the lowest rate," let’s talk about your future plans and find the best rate and strategy for your situation taking into account all the factors that impact a mortgage decision.
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