It’s the best time of year to negotiate your mortgage rate. Here’s how

WATCH: Canadians aiming to purchase a home this year have a lot of decisions to juggle, and those looking to secure or renew mortgage agreements have seen rates on some longer-term products drop. – Jan 12, 2024sometime this year have already driven down rates on some fixed mortgage products. These rates are tied to the bond market, which can fluctuate based on expectations for where the central bank’s policy rate will head next.

“They do fight aggressively with each other to hit their goals for the year. So consumers should definitely shop around and get a few different lenders competing, and they’ll probably get some pretty strong offers right now.”Canadians are unlikely to get the lowest advertised rates that they might be seeing online from their lenders upfront, says Vancouver-based mortgage expert Eitan Pinsky.

Laird says that buffer can be important in case interest rates rise while you’re house hunting, as happened last spring when expectations shifted and the Bank of Canada returned to its rate hiking cycle in June.But for those renewing, he says there’s no rush to actually start the mortgage at the new rate on offer.

Source: Loan Digest (loandigest.net)

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