What will mortgage rates be in 2028 in Canada?
What Will Mortgage Rates Be in 2028 in Canada? If you're planning to buy a home or refinance your mortgage in Canada, understanding future interest rates is crucial. While predicting exact numbers is challenging, current forecasts offer valuable insights into what mortgage rates might look like in 2028. Current Trends and Projections As of August 2025, the Bank of Canada's policy rate stands at 2.75%, with expectations of gradual decreases in the coming years. This trend suggests a potential decline in mortgage rates, especially fixed-rate options. 2028 Mortgage Rate Outlook Forecasts indicate that by December 2028, 30-year fixed mortgage rates could average around 3.94%, with a range between 3.55% and 4.14%. For 5-year fixed rates, projections suggest averages between 4.29% and 4.74%. These figures represent a significant decrease from current levels, potentially offering more affordable borrowing options for homeowners. Factors Influencing Future Rates Several factors wil...