The mortgage rate drop provides little relief for prospective shoppers looking ahead to the spring homebuying season.

It's important to understand that the Fed's decision to pause rate cuts will not directly impact mortgage rates. Mortgage rates are actually driven by a range of factors, including the Fed's rate changes. This week's Fed rate decision does, however, have a big influence on where mortgage rates could head.

Mortgage rates fell slightly this week, remaining stubbornly high while would-be buyers and sellers continue to wait for steeper declines. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday,

These are today's mortgage and refinance rates. The recent tech stock sell-off helped mortgage rates inch down this week.

As inflation and bank rates fall, some mortgage rates are actually going up. We take a look at why fixed rates aren’t following other interest rates and heading down.

Following our central bank’s latest quarter-point rate trim on Wednesday, Canada’s benchmark prime rate is down to 5.20 per cent. The last time we saw prime that low, countries were still in the process of reopening their borders post-COVID.