While overall market rates set the starting point, your personal rate depends on factors like:
Credit Score: Better scores usually get lower rates.
Down Payment: Bigger down payments often mean better rates.
Property Type: Different types of homes can have different rates.
Loan Amount and Term: Shorter terms might have lower rates.

Why Do Mortgage Rates Change?
Economic Conditions: Changes in things like inflation, job growth, and economic health can influence mortgage rates.
U.S. Influence: Although Canada’s rates are set independently, U.S. rate changes can have an indirect effect.
Investor Demand: If investors are eager to buy mortgage-backed investments, it can push rates down, and vice versa.
Lender Competition: Banks and lenders often adjust rates to stay competitive, which can also affect what rates you see.

PUBLISHED BY : GurmaanMortgages

437-484-3273

g.gurjantsingh@dominionlending.ca