What does RatesWise.com do?

Rateswise.com provides the best mortgage rates based on its users' profiles and needs. Our clients benefit from some of the greatest mortgage brokerages in Canada as well as hassle-free rate comparisons. We search and offer deals from our 50+ lending partners that are the perfect fit for your needs.

Why should I let RatesWise do my shopping?

For centuries we’ve been conditioned to just ‘take the bank's word for it’, but with the growing wealth of information available to consumers these days, it just makes sense to compare the marketplace before you sign. The days of driving from bank to bank filling out applications and having to wait for days or worse, weeks, for approval, are long gone. RatesWise leverages relationships and technology to speed up the process, find you a few of the best options on the current market, and help you connect with the right people.

Mortgage Rates

Line of Credit Rates

Home Equity Loan Rates

Refinance Interest Rate in Canada (FAQ Guide)

FAQs

November 6, 2025 (2 mins read)

Updated: October 2025

Intro

Bank of Canada keeping its policy rate same at 2.25%, and people are looking at their mortgage rates for refinancing options. This FAQ guide will answer all your questions about refinancing rates and how they impact your mortgage.

Here are a few questions that usually come to our minds:

What are the current refinance interest rates in Canada?

The policy rate dropping below 2.5% indicates market relief, even though precise refinance rates differ depending on the borrower's profile and the lender. Although your rate will vary depending on your credit, home equity, and lender, many brokers quote refinance offers in the fixed range of 4% to 4.5% for qualified applicants.

Why did rates change after the BoC cut?

The rate set by the BoC affects banks' funding costs as well as mortgage and refinance rates. Although fixed rates are also influenced by bond yields, lenders frequently lower variable and some fixed rates when the policy rate declines.

In late 2025, will refinance rates continue to decline?

Maybe. According to market estimates, if inflation stays within the 2% goal range, the policy rate may remain close to 2.25% until early 2026. Refinance rates may fall as a result, but this won't happen right away and will rely on lender and bond market conditions.

How do lender spreads affect your actual rate?

Your quoted rate isn’t just the base rate — it’s adjusted by a spread based on your credit, home equity (loan-to-value), and risk profile. So even though general rates may come down, two homeowners can still receive very different offers because of these spreads.

How can I secure a favourable rate at this point?

Look around and evaluate several lenders.
Keep your credit score high or raise it.
Maximum home equity (lower ratio of loan to value).
Plan your refinance for when interest rates are low, and before you jump in, test scenarios with a tool (such as a refinance mortgage calculator).