Despite the recent improvement, things were better in September, when the 30-year average plunged to a two-year low of 5.89% (the cheapest Friday average being 6.03%). But rates bolted higher in October and November and then took additional steps higher around Christmas and in January.

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.

Since rates vary widely across lenders, it's always smart to shop around for your best mortgage rate and compare rates regularly, no matter the type of home loan you seek. For a second consecutive day,