Mortgage Rates?

In Ontario, mortgage rates are affected by a number of factors, including the Bank of Canada's key interest rate, the prime lending rate set by major banks, and market conditions such as supply and demand. Generally, when the Bank of Canada raises its key interest rate, mortgage rates tend to rise as well, and when the key interest rate is lowered, mortgage rates may go down.

Other factors that can affect mortgage rates include the borrower's credit score, income, debt-to-income ratio, and down payment. Borrowers with good credit scores and stable income are typically offered lower mortgage rates, while those with lower credit scores or higher debt-to-income ratios may be offered higher rates.

It's important to note that mortgage rates can also vary depending on the type of mortgage, such as a fixed-rate mortgage or a variable-rate mortgage. Fixed-rate mortgages have a set interest rate for the entire term of the loan, while variable-rate mortgages can fluctuate based on market conditions.

Overall, understanding how mortgage rates work in Ontario can help borrowers make informed decisions about their home buying and mortgage financing options. It's always a good idea to shop around and compare rates from multiple lenders to find the best mortgage rate for your situation.