Fixed Mortgage Rates in Canada Resume their decline

The real estate market is witnessing notable shifts in mortgage rates, essential for current and potential homeowners to understand.

Recent Trends in Mortgage Rates:

• This week has seen most lenders, including major banks, reducing their rates by 10-20 basis points.

• The average deep-discount 5-year fixed rate is now around 5.07%, down from 5.82% in October.

The expectation going forward is a general downward trend in rates, though not without fluctuations.