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A mortgage rate is the rate of interest that is charged on a mortgage. The rate of the mortgage is solely determined by the lender and can be either variable (fluctuating with a benchmark interest rate), or fixed (staying the same for the length of the mortgage) which are the most common types of mortgage rates.

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Website #1- What's behind your mortgage rate?

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Website #1- What's behind your mortgage rate?

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This article goes over all the different factors that can/will affect your mortgage rate. You should think of mortgage rates as a product you would buy in the sense that any business that sells you something wants to make a profit. It discusses how The Bank of Canada affects interest rates, mainly through changes in our policy interest rate, and covers a bit about how the pandemic affected the interest rates which saw The Bank of Canada, as well as other central banks in Canada, cutting these rates to cushion the blow of the financial impact that the pandemic would have on Canada's economy.

I chose this article because it lays the groundwork for what a mortgage rate is and explains some things you might see when applying for a mortgage.

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Here's what determines the interest rate on your mortgage-and why that rate can go up and down.

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Website #2- Mortgage rates near all-time low in Canada

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Website #2- Mortgage rates near all-time low in Canada

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This article published by CTV News further covers The Bank of Canada's (as well as other central banks) response to the covid-19 pandemic in an attempt to help boost the Canadian economy. It details how in March, The Bank of Canada tried to reduce the key lending rate three times but failed. Ironically their attempts backfired, instead of these rates dropping they started to rise which led to lenders bracing for a wave of unemployment and building extra profits in case of any massive defaults on loans. This article also depicts that the current rates strongly resemble the historic low which was set during the 2016 oil crash.

I chose this article because it covered the pandemic and how it affected the mortgage rates and economy.

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VANCOUVER -- Now may be a good time to refinance your home or apply for a new mortgage. Mortgage rates are approaching all-time lows. It took a while but lenders are adjusting to the new normal during the pandemic.

"They dropped, they went up and now they are trending down again," said James Laird, co-founder of RateHub.ca.

In March, we all watched as the Bank of Canada dropped the key lending rate three times to help boost the economy, yet variable mortgage rates, which are tied to the key rate, didn't follow.

The average yield on the Bank of Canada started falling too. Fixed mortgage rates are tied to the bond market, and yet again, they didn't fall. In fact, mortgage rates started to rise.

Money was drying up and lenders were bracing for widespread unemployment, building in extra profit in case of massive defaults on loans.

"But as they're getting a little more comfortable with the situation that we're in and as they start to see the economy start to reopen, we are seeing fixed rates fall as well," Laird said.

RateHub tracks mortgage rates from dozens of lenders and currently HSBC is offering the lowest rate on a five-year fixed mortgage at 1.99 per cent. It's also offering the lowest rate on a five-year variable mortgage at 1.85 per cent.

The current rates are just fractions of a point off the historic lows set during the oil crash in 2016. According to another mortgage tracking website, RateSpy, the all-time record low for a non-tease five-year fixed rate was 1.91 per cent in November of 2016.

"We're seeing strong rates from big banks, from small banks, credit unions and trust companies so there's a lot of really good options out there," Laird said..

Money might be cheap now, but for many people the uncertainty of the economy may put the brakes on buying a new home or even re-financing until things return to normal.

Canada's major banks have already set aside about $11 billion for anticipated loan defaults. Although their profits were still up in the last quarter ending April 30, there is still a long way to go before the full financial impact of the pandemic is known.

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Mortgage rates near all-time low in Canada

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VANCOUVER -- Now may be a good time to refinance your home or apply for a new mortgage. Mortgage rates are approaching all-time lows. It took a while but lenders are adjusting to the new normal during the pandemic. "They dropped, they went up and now they are trending down again," said James Laird, co-founder of RateHub.ca.

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Website #3- Mortgage rates could be heading higher for first time in pandemic

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Website #3- Mortgage rates could be heading higher for first time in pandemic

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This article published by Financial Post communicates how a five-year fixed mortgage rate increase could be headed to Canada for the first time since Covid-19 led to a decline, according to many Canadian brokers who say lenders have warned them of these potential spikes. According to these brokers, the first changes will happen through special hidden promotions that may quickly disappear. An example of these special hidden promotions is a 10-basis-point discount (a discount of 0.1%) on a quick close for 30 days. mortgages in the $1 million dollar range have already seen an increase in the rates on hidden promotions.

I chose this article because it gives a potential outlook on how the pandemic might end up affecting the mortgage rates.

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The story changes, though, if the escalation in bond yields is signalling a turn in momentum that could lead to multiple hikes over the next few months.

Except for a brief blip in June, when they hit 0.52 per cent for a day before crashing back down to 0.37 per cent, yields have hovered between 0.35 per cent to 0.40 per cent since April. In January, before COVID-19 hammered the bond market, yields sat at 1.3 per cent. The proceeding plunge led to a similar fall for five-year fixed mortgage rates. CanWise was offering a 2.49 per cent rate on a five-year fixed mortgage that is now 100 basis points lower.

Should Pfizer's vaccine hit the market, Laird expects bond yields will rapidly recover, giving lenders the ability to hike mortgage rates alongside them. In a post-pandemic world, with inflation on the table, a much faster and more powerful escalation could occur.

And so while Canadians have long favoured variables rates, Eisner said they may want to consider locking in a five-year fixed rate now before the momentum turns against them.

"I personally have a rental property and obviously I check mortgage rates several times a day.... I locked in my rental property today," Eisner said. "Now's the time, if you're on the fence."
Financial Post * Email: vferreira@postmedia.com | Twitter: VicF77

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Mortgage rates could be heading higher for first time in pandemic

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The story changes, though, if the escalation in bond yields is signalling a turn in momentum that could lead to multiple hikes over the next few months. Except for a brief blip in June, when they hit 0.52 per cent for a day before crashing back down to 0.37 per cent, yields have hovered between 0.35 per cent to 0.40 per cent since April.

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In this final article published by RateSpy, a website that compares mortgage rates and gives you the best rate, they talk about a mortgage customer they had who wanted to change the date on their job letter because it was old and he did not want to ask his employer for a new one. When the lender called the customer's company the lender found out that the date provided on the job letter by the customer and the company did not match up. This led to the customer's mortgage application getting denied. The application was denied due to the customer committing fraud.

I chose this article because it gives insight on what will happen if you are not 100% truthful when applying for a mortgage and the negative affects of how what can happen.

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We came across a mortgage customer this week who decided it was a good idea to change the date on his job letter. Apparently it was old and he didn't want to ask his employer for a new one.

Sure enough, the lender called his employer's HR department to validate the job letter and sure enough, the lender asked the employer to confirm the date it was issued, among other things.

When the employer stated a different date than the date on the job letter, the lender caught it immediately. The client's mortgage application was immediately declined.

"I didn't think it was a big deal," the borrower told his broker, unashamedly.

But it was a big deal. It was fraud.

The minority of people who perpetrate these frauds think their "white lies" won't be discovered, but they're wrong, they routinely are noticed.

And lenders can be obligated to report them when they're found. In some cases, that can block the offending borrower from getting a mortgage elsewhere, particularly if they seek default- insured financing.

Doctoring documents is not only illegal, it's fruitless...i.e., not worth it. But that doesn't stop people.

An Equifax survey last year found that 12% of Canadians admitted to providing false information on a credit/loan application. And 16% considered it a victimless crime. Both numbers were materially higher for millennials.

Mini-frauds like this happen all the time in the mortgage industry because enforcement is lax. Authorities don't prioritize "fraud for shelter" cases so there are no prosecutions and no deterrent effect. That's a major reason why fraud keeps growing (in absolute numbers) despite increasingly sophisticated lender technology to spot it.

Hopefully 99% of people reading this would never attempt such deception. For those in the 1%, here's some advice: Don't be a short-sighted document cheat, not if you actually want to get the loan you seek.

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We came across a mortgage customer this week who decided it was a good idea to change the date on his job letter. Apparently it was old and he didn't want to ask his employer for a new one. Sure enough, the lender called his employer's HR department to validate the job letter and sure...

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Video #1- Canada mortgage: learn the basics

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Video #1- Canada mortgage: learn the basics

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In this video posted by Ratehub.ca, it explains what a mortgage is, how you can apply for one, the different stakes that can go into changing the interest rates you pay, as well as the difference between a fixed mortgage rate and a variable mortgage rate and how they work/the benefits of either one. It also talks about the difference between independent banks and mortgage brokers and the rates you would receive from each.

Overall, this video is great if you are looking to buy a home or are just curious about the factors of the financial aspect of home buying.

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Video #2- Should I Get 1.99 % Fixed Mortgage Rate vs 2.13 % Variable - Canada Mortgage June 2020

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Video #2- Should I Get 1.99 % Fixed Mortgage Rate vs 2.13 % Variable - Canada Mortgage June 2020

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In this video posted by Real Estate Edge With Jeremy Singh, it covers the difference between a 1.99% fixed mortgage rate vs a 2.13% variable mortgage rate based on a five hundred thousand dollar loan for a 25-year amortization, where if any penalties were to occur in this situation a person would save roughly $20,000 if a variable rate is chosen with an interest rate of 2.13% vs the fixed mortgage rate of 1.99%. He also goes into depth about how a fixed rate works.

I chose this video because I wanted to pick another video explaining the difference between the two interest rate types due to the factor they play when applying for a mortgage.

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Should I Get 1.99 % Fixed Mortgage Rate vs 2.13 % Variable - Canada Mortgage June 2020

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Video #3- How Canadian Mortgage Rates Might Affect Ontario Real Estate In 2021

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Video #3- How Canadian Mortgage Rates Might Affect Ontario Real Estate In 2021

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In this video posted by Real Home Experts, it covers the current mortgage rate compared to the past years as well as the impact it will have on Ontario real estate and how already, the low prices of mortgage rates led to house prices rising due to home buyers having the ability to increase the value of the home they can buy. The video also recommends people who want to buy homes to take advantage of the current market before prices increase.

I chose this video because I wanted to get a realtors perspective on the current market and mortgage rates and any advice that they would have when it came to buying a house.

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How Canadian Mortgage Rates Might Affect Ontario Real Estate In 2021

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Video #4- Bank Of Canada Interest Rate Announcement | October 28, 2020

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Video #4- Bank Of Canada Interest Rate Announcement | October 28, 2020

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In this final video posted by Nolan Matthias, it covers The Bank of Canada's decision to keep the interest rates the same for October 28, 2020, and that The Bank Canada expects the interest rates to remain the same until 2023 because they believe Canada's GDP will increase between 2021-2022. Before they start increasing rates again they want inflation to stay at 2% for 6-12 months. Another factor in the rates staying the same until 2023 is the current pandemic. It is expected that most of the population will be vaccinated by mid-2021.

I chose this video because it gives an insight into the future on interest rates and if they will rise or decrease over the next couple of years which is important to know because new home buyers can get a fresh start on buying a house.

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Bank Of Canada Interest Rate Announcement | October 28, 2020

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This image depicts a woman confusingly looking at a house filled with a graph of what is supposedly interest rates, the woman can be interpreted as any potential home buyer confused about the many factors of mortgages and their rates.

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This image shows a graph of mortgage rates for a certain time period. On the left-hand side of the graph, we can see the different rates increasing/decreasing and at the bottom of the graph, we can see the date for a specific rate. As you can see, the interest rate is steadily declining over the next 11 months.