8 Strategies to Secure a Lower Mortgage Rate

Interest rates in Canada have surged due to the Bank of Canada's inflation control measures, impacting 59% of Canadians. The rise in variable rate mortgages, which are linked to the prime rate, has made homeowners vulnerable to these increases. To improve mortgage prospects, potential buyers should consider strategies such as raising their credit score, maintaining steady employment, lowering debt ratios, increasing down payments, comparing loan terms, obtaining multiple quotes, and negotiating for discounts. Despite higher rates, the market has become more balanced for buyers.