Today's mortgage rates are higher than they were a few years ago, but it could still be smart to buy a home now.

Over the past 4 business days, the average top tier mortgage rate has fallen by 0.22%. While that may seem like a small number, consider that mortgage rates haven't moved half as much in either direction for the entire month up until this point.

Tight conditions are squeezing buyers across the country. In Westchester County, New York, real estate agent Pamela Grunstein is navigating a market that has 1.6 months of supply – a far cry from the 6 months or so that’s long been considered the sign of an evenly balanced market.

Equifax Canada’s credit report for the fourth quarter of 2024 found that Ontario’s mortgage delinquency rate – which measures the number of mortgages in arrears - rose 90.2 per cent compared to the same quarter in 2023, hitting a recent high of 0.22 per cent.

These are today's mortgage and refinance rates. Mortgage rates have ticked down, but they won't drop much further until inflation slows.

Mortgage rates fell for a second straight week, dropping the flagship average to a new 10-week low. Rates on new 30-year fixed-rate loans averaged 6.75% on Friday—more than a third of a percentage point lower than the weekly peak of 7.