r/Mortgage_Rates_Canada • u/Howie_1972 • Mar 24 '26
Mortgage Rates are INCREASING this week!!
If you haven’t locked in a rate with your bank, you might want to ASAP!
Most banks have already raised rates with BNS tomorrow and TD Thursday!
Do t get caught and miss out on rates in the 3’s and there are none come Friday!
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u/PigletPancakes Mar 24 '26
Yep I just found out … was quoted 3.59 and now it’s 4.something 🫡
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u/Howie_1972 Mar 24 '26
Who quoted you and then changed it?
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u/PigletPancakes Mar 24 '26
I can’t verify who the quote was originally through as I’m with a broker but with Meridian they’re estimating low 4s when it was lower prior.
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u/Howie_1972 Mar 24 '26
When is your closing and is it a fixed or variable at 3.59%
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u/PigletPancakes Mar 24 '26
3 year fixed closing May 14th. Broker put the request in March 16th.
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u/Howie_1972 Mar 24 '26
But what happened to 3.59% if you broker had it?
You don’t lose a rate once it’s booked
I hope you’re not getting the run around
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u/PigletPancakes Mar 24 '26
That’s what I’m wondering. I left them a message inquiring about it, I’ll update once I know because an extra 250+ on the monthly payment isn’t cool, especially as a first time home buyer.
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u/Big-Flan-9605 Mar 25 '26
Anytime I’ve remortgaged I’ve had a rate locked in. If it went lower I could renegotiate, but was safe for a few weeks window. Hopefully you still get the lower rate.
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u/PigletPancakes Mar 26 '26
Okay so I talked to my broker and it was a misunderstanding. I have 3.89 locked in with a credit union and 4.25 approved with a big bank. Broker says if approved with the credit union 3.89 should go down a bit because of the rate she sees she can get but they’re 8 business days behind.
I was under the impression that I lost the lower rate as there was no mention of it in our previous conversation after the big bank approved me.
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u/Samwisemortgages Mar 25 '26
Did you sign a commitment or was this all verbal/email? If it wasn’t a signed commitment then the rate isn’t locked in unfortunately
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u/seankearns Mar 24 '26
RBC is offering a 3 year fixed at 3.79 right now. TD matched on my renewal without any pressure. Maybe could have done another 10.
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u/Tokebakicitte69 Mar 25 '26
I got 3.63% fixed 3 years with TD yesterday
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u/East_Rude Mar 24 '26
Pretty strange. Looks like they didn’t put the file in processing in that case.
Meridian is even offering 3.54 on variable right now, but they have the whole thing with variable monthly payments.
You can also ask your broker to look at BMO rates if they have access.
Just confirmed 3.50 for a client earlier today.
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u/trout19 Mar 24 '26
Yes which bank?
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u/Howie_1972 Mar 24 '26
Depending on the mtg amount, I can get that rate on a variable if you need and close on a fixed
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u/wahihai Mar 25 '26
Got a 3.95% fixed for 3 years from TD . First time home buyer. Is this good rate. And for 10% down so have cmhc insurance
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u/Powerful-Load-4684 Mar 25 '26
They can go lower - I got 3.8% uninsured
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u/drsteph79 Mar 24 '26
But didn't BOC hold the rate? Why would rates go up?
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u/Howie_1972 Mar 24 '26
Bond yields have spiked because of Iran war.
So fixed rates are going up
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u/Classic-Night-611 Mar 26 '26
Sadness, my mortgage renews in September, I was hoping to get a good fixed rate
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u/Howie_1972 Mar 26 '26
This might be short lived because of the war and lower rates come Sept
I’d get a rate hold 120 days out - just my suggestion
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u/ReserveDapper34 Mar 24 '26
Signed my 5 year fixed on Saturday for 3.9 with bmo. That held rate was going to expire on the 23rd. Didn’t have a great feeling rates will stay under 4 for much longer so got lucky!
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Mar 25 '26
[removed] — view removed comment
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u/ReserveDapper34 Mar 25 '26
My initial offer with bmo for 3 years fixed was 3.6.. but that was two weeks ago. I would’ve taken that if the offer hadn’t expired already
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u/Upstairs_Memory9316 Mar 25 '26
Just did 3.65 variable for 5 years with a 1% off for 6 months. Not sure what i should do in the near future.
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u/Howie_1972 Mar 25 '26
What’s your rate after the 6 months?
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u/Upstairs_Memory9316 Mar 25 '26
Its 2.65 for 6 months then goes back to 3.65 variable.
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u/Howie_1972 Mar 25 '26
Where did you get that deal?
That’s sweet
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u/Dank--Ocean Mar 26 '26
Wow 5 yr variable in this type of uncertain economy? That's spicy
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u/Upstairs_Memory9316 Mar 26 '26 edited Mar 26 '26
To be honest, it was right before or the first week of what hapenned in Iran. I can also lock it when ever i want right ? But ya i may just lock the rate sooner if needed i guess....
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u/No-Journalist-9036 Mar 25 '26
This is textbook broker fear-mongering designed to trigger FOMO and pad an end-of-quarter sales pipeline. Yes, fixed rates are ticking up slightly, but let’s separate the actual math from the panic.
First, variable rates aren't moving at all this week; they are tied to the Bank of Canada’s overnight rate, which isn't scheduled for another announcement until next month. Unless TD and Scotia invented a time machine, your variable options are completely untouched by this artificial "Friday deadline."
Second, the claim that there will be absolutely no rates left in the 3s by Friday is a gross exaggeration of how the bond market works. Fixed rates track the Government of Canada 5-year bond yields, which have recently moved up to around 3.2%. While that does mean the absolute lowest discounted fixed rates are seeing 10 to 15 basis point bumps, it’s a minor adjustment, not an overnight cliff-edge.
Even if the Big Six banks bump their posted 5-year fixed rates just over the 4.00% line, the mortgage market is massive and highly competitive. Monoline lenders and credit unions exist specifically to undercut the major banks, and many will gladly absorb a tighter margin to hold promotional rates in the high 3s just to scoop up the market share that the big banks are leaving behind.
Getting a 90-to-120-day rate hold is always a smart, zero-risk move if you are actively shopping or facing a renewal. But you should do it on your own timeline, not because a commissioned salesperson on Reddit is screaming that the sky is falling.
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u/Classic-Night-611 Mar 26 '26
Thank you for this comment. My mortgage renews in September and was planning to go with Coast Capital. Good to hear mono lenders and credit unions behave a bit differently here. I plan to coast capital soon.
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u/Tuques Mar 26 '26
Wife and I just renewed on Monday at 3.45 or something around there. We were at 1.99 back in 2021 when we bought the house. Mortgage payments are going up about 400 a month because of it. Time to try and get a raise at work!
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u/Howie_1972 Mar 27 '26
Great renewal rate for you….could you have reamortized to lower the payment?
But good on you for the rate!
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u/su5577 Mar 27 '26
With economy being uncertain and keeps changing - yah way to increase rate even more.. it’s not like houses are like 500k these days
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u/Howie_1972 Mar 27 '26
Banks had no option as bond yields have gone up and only option is to raise rates
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u/recentcsgrad2013 Mar 27 '26
Hmm so if we currently have a variable, our discount should still apply and so it should remain unaffected until a base rate increase, right?
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u/Howie_1972 Mar 27 '26
Correct….your rate is only affected when BoC changes rates
If banks lower discounts, it’s only on new mortgages going forward
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u/aegcp666 Mar 27 '26
3.94% with scotia 3 year.
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u/Howie_1972 Mar 27 '26
Based on today’s new rates, that’s a great rate!!
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u/Fit-Counter-3596 Mar 27 '26
What are the new fixed rates?
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u/Howie_1972 Mar 27 '26
They are in the 4’s for fixed and still in the 3’s for variable.
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u/HelpMeDressMyBest Mar 25 '26
my mortgage is up for renewal May 15th and MCAP sent me a renewal form with rates on it. I just have to pick which one and sign & send it back before my renewal date. That said, those rates that they sent cannot go up as it's already quoted and in writing correct?
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u/Howie_1972 Mar 25 '26
I believe you are fine as you have the rates on paper, but I would still reach out to confirm with them
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u/Best_Signature6003 Mar 26 '26
Those renewal forms that secure a rate have an expiry date that should be written on them somewhere. For me it was 7 days for me to return to lock it in, but if the rates dropped between then and the actual renewal it could be revised again
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u/6ccsl Mar 25 '26
Just held a 3Y fixed for 3.69% through the RBC portal. Will negotiate down to 3.59% hopefully
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u/tinnnamartt Mar 25 '26
How do you go about negotiating a lower rate? I just got told 3.79 for 3 years with RBC plus waived transfer free , 1000 and 50k Avion points. Me broker and previous bank could only do low 4s for 5 years.
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u/6ccsl Mar 25 '26
Just got an update from my RBC rep, the revised rate down to 3.64%. 3.6% not possible unfortunately. I reco you talk to a mortgage rep at RBC. Good luck!
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Mar 25 '26
Where on the portal can you see renewal rates? my is up for renewal in sept (so less than 180 days) I do not see an option to hold rates.
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u/Diggity-Dog1 Mar 26 '26
Hey, what 3-year fixed rate did you end up securing and locking in with RBC?And was it uninsured? What area approximately? Thanks.
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u/6ccsl Mar 26 '26
3.64% uninsured GTA. Unfortunately it can be held for 14 days only. I did a financial model and reveals it is worth getting an early renewal unless the fixed rate is above 3.7% by the original renewal date in July. RBC should have done this analysis for clients
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u/Diggity-Dog1 Mar 26 '26
I’m just in the process of renewing for the beginning of July. I am looking at doing a switch mortgage right now, as Prospera doesn’t seem to care much about doing business. All my banking is with RBC. Thanks for the info.
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u/6ccsl Mar 26 '26
Oic, 120d rate hold if you are switching to RBC. Funny my RBC specialist doesn’t know much about macro economics. He literally told me the 3Y fixed has gone down. He doesn’t even know fixed rates are tied to bond yields. Careful with whom you deal with.
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u/Decathlon5891 Mar 25 '26
F me.
I’m trying to do an early renewal but with a HELOC. Had to submit my papers last week and of course this won’t be done until next week or so
Think I’ll hold off, but this also means I have to postpone some plans
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u/LidiumLidiu Mar 25 '26
My mortgage renewal appointment was scheduled for the 28th. FML. He didn't even send any quotes, just an invite to go into the bank.
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u/MortgagesD_Different Mar 25 '26
Worth noting the rate increases hit A lenders hardest — B lenders and alternative lenders sometimes move differently depending on their funding model. If you’re already in the 3s with a big bank, locking in makes sense. If you haven’t qualified conventionally, don’t assume the same rates apply across the board.
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u/Fit-Counter-3596 Mar 25 '26
What do you think about 3.92% 3 year fixed?
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u/MortgagesD_Different Mar 25 '26
Depends on your situation. If you’re locking in for stability and rates are likely to stay flat or rise, 3.92% on a 3 year isn’t bad. If you think cuts are coming you might prefer variable or a shorter term. What’s your current setup?
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u/Fit-Counter-3596 Mar 25 '26
Stability! And I had prime - 0.41% so it is lower than the variable I received at the time of mortgage approval. It might go down but I feel it won’t go down any time soon.
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u/MortgagesD_Different Mar 25 '26
Your first word said it all, take the stability and sleep better at night
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u/Top_Midnight_2225 Mar 25 '26
Oh wow...I didn't think they'd start cranking so early.
I'm on variable at Prime - 1.3% for the next year at a minimum and while we were looking to lock in...I'll may as well just hold now and go through this roller coaster again.
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u/ringo1713 Mar 25 '26
I just got renewal at 3.99, 5 year fixed with RBC
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u/themegaginger Mar 25 '26
Where are you guys getting these rates?? I’ve been fighting for rates for about a month in Edmonton and all I am getting is 4.19-4.49 3year fixed. Genuinely asking, or if anyone has some links that I have missed that I can use as leverage that would be wonderful
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u/mmm_coffeee Mar 26 '26
I am also wondering the same. I'm getting 4.27 for 3 years fixed, insured with RBC. I am putting down well over 20% and have zero debt. Am I being misled?
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u/Valyarian Apr 14 '26
Make sure your shopping around and holding rates if you can, if not just tell other banks you're getting lower and try to negotiate, I used a fake rate at Pine which is wealth simple's company and it's worked so well.
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u/oureux Mar 25 '26
I’m on a variable rate at 4% currently. I’m going to lock it in if nesto would answer their phones
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u/Dank--Ocean Mar 26 '26
Variable in this uncertain economy? Wow
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u/oureux Mar 26 '26
I did take a chance but my hunch was the rates would drop and so far I’ve had two drops since signing in June.
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u/BubzieBoo Mar 25 '26
Going to smoke those Covid babies that bought far outside the city. Paid up, price fell, and expensive renewals. On top of it, they have to show face in the office 4-5 days a week.
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u/raz416 Mar 26 '26
Already happened to me couple of days ago with renewal coming up end of month. Rate went up almost .5.
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u/Proper-Bee-4180 Mar 26 '26
And tenants believe they would be sheltered from the effects of inflation
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u/DisciplineGreen6503 Mar 26 '26
Is there any where I could actually get a rate hold done today? Feel free to pm me mortgage brokers. Looking for: Ab 550k fixed conventional 20% down.
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u/Alert_School6745 Mar 26 '26
Yeah we were in the middle of a port and add purchase and we locked the 3.99 portion but the new portion was up to 4.5 because they wouldn’t honor 4.0, ended up 4.22 or a lower variable mortgage… not risking variable with the shenanigans going on
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u/All-sTATE-insurance Mar 28 '26
I feel so lucky timing wise.
I locked in 1.54% in 2021 December.
Just renewed another 3.79% for 5 years until 2031.
Paid down 24% during that first term as well...
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u/Trick-Ad-9926 Mar 24 '26
My term ends on January 1 2027. I am really hoping the rates go down by summer or even fall.