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2. Economic conditions
3. Competition among lenders
4. Loan-to-value ratio
The loan-to-value ratio (LTV) is the amount of the loan compared to the value of the home. If you have a higher LTV, you may be seen as a higher risk by lenders, which could result in a higher interest rate.
In summary, mortgage interest rates in Canada are influenced by a variety of factors, including the Bank of Canada’s overnight lending rate, economic conditions, competition among lenders, and the loan-to-value ratio. When choosing a mortgage, it’s important to shop around and compare rates from different lenders, and consider both fixed and variable rate options.