{"id":10791,"date":"2024-01-12T00:44:10","date_gmt":"2024-01-12T05:44:10","guid":{"rendered":"https:\/\/myratecompass.ca\/blog\/?p=10791"},"modified":"2025-07-20T15:50:50","modified_gmt":"2025-07-20T19:50:50","slug":"should-i-lock-my-mortgage-rate-in-canada","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/","title":{"rendered":"Should I Lock My Mortgage Rate In Canada? The Pros And Cons."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/#An_Overview_Of_Mortgage_Rates\" title=\"An Overview Of Mortgage Rates\">An Overview Of Mortgage Rates<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/#What_Does_It_Mean_To_Lock_A_Mortgage_Rate\" title=\"What Does It Mean To Lock A Mortgage Rate?\">What Does It Mean To Lock A Mortgage Rate?<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/#The_Pros_Of_Locking_Your_Mortgage_Rate_In_Canada\" title=\"The Pros Of Locking Your Mortgage Rate In Canada:\">The Pros Of Locking Your Mortgage Rate In Canada:<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/#The_Cons_Of_Locking_Your_Mortgage_Rate_In_Canada\" title=\"The Cons Of Locking Your Mortgage Rate In Canada:\">The Cons Of Locking Your Mortgage Rate In Canada:<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/#Factors_to_Consider_Before_Locking_Your_Mortgage_Rate_in_Canada\" title=\"Factors to Consider Before Locking Your Mortgage Rate in Canada\">Factors to Consider Before Locking Your Mortgage Rate in Canada<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/#How_to_Lock_Your_Mortgage_Rate_in_Canada\" title=\"How to Lock Your Mortgage Rate in Canada\">How to Lock Your Mortgage Rate in Canada<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/#Conclusion_Should_I_Lock_My_Mortgage_Rate_in_Canada\" title=\"Conclusion: Should I Lock My Mortgage Rate in Canada?\">Conclusion: Should I Lock My Mortgage Rate in Canada?<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">5<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10791\" class=\"elementor elementor-10791\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f229adc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f229adc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ad6d064\" data-id=\"ad6d064\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c3224c7 elementor-widget elementor-widget-text-editor\" data-id=\"c3224c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>For first-time homebuyers in Canada, it can be difficult to find mortgage rates and terms that suit you and your budget. But what do you do when interest rates constantly fluctuate, and a mortgage agreement that works for you one day might not work the next day? <b>Locking your mortgage<\/b> allows you to lock in a specific interest rate as you finalize your mortgage agreement.\u00a0<\/p><p>To understand the process of locking a mortgage in Canada, this article outlines the pros, cons, and factors to consider.\u00a0<\/p><p>If you\u2019re a homebuyer considering locking their mortgage and who wants a quick overview of what this entails, read on.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87b731f elementor-widget elementor-widget-heading\" data-id=\"87b731f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"An_Overview_Of_Mortgage_Rates\"><\/span><b>An Overview Of Mortgage Rates<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9c18f2 elementor-widget elementor-widget-text-editor\" data-id=\"e9c18f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Mortgages are loans secured to buy a property. These loans are paid back with interest over a specific term. In Canada, mainly banks and credit unions supply these loans.\u00a0<\/p><p>The <b>amount borrowed<\/b>, the <b>term<\/b>, the <b>interest rate<\/b>, and the <b>payment schedule<\/b> are among the critical components of a mortgage. When referring to \u201cmortgage rates\u201d this article mainly refers to <b>interest rates<\/b>, which directly influences the cost of borrowing.\u00a0\u00a0<\/p><p><b>In Canada, <a href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/\">mortgage rates<\/a> vary based on the following:<\/b><\/p><ul><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The Bank of Canada&#8217;s policy interest rate.<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The Bond market.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The lender&#8217;s cost of funds.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The level of competition among lenders.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Housing demands.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Inflation rates.<\/li><li>\u00a0<\/li><\/ul><p>With this variation of interest over time, <b>it may be advantageous to lock in a rate. <\/b>However, if rates are expected to fall, it might be beneficial to hold off.\u00a0<\/p><p>Predicting the future movement of rates is highly uncertain, leading to the question &#8211; \u201c<b>How do I know if I should lock my mortgage rate or not<\/b>?\u201d. To answer this question, it&#8217;s helpful to understand what it means to lock a mortgage rate:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e5994d elementor-widget elementor-widget-heading\" data-id=\"3e5994d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Does_It_Mean_To_Lock_A_Mortgage_Rate\"><\/span><b>What Does It Mean To Lock A Mortgage Rate?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2bc302f elementor-widget elementor-widget-text-editor\" data-id=\"2bc302f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Homebuyers who are <b>pre-approved<\/b> for a mortgage and still need to finalize their agreement can lock their mortgage rate. This means the lender <b>guarantees a specific interest rate<\/b> for a certain period, typically between 30 and 120 days.\u00a0<\/p><p>Locking a mortgage may be a good decision based on the circumstances, but it\u2019s not always straightforward. <b>The following sections outline the pros and cons of mortgage locks to help you make a fully informed decision. <\/b><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bfa79e6 elementor-widget elementor-widget-heading\" data-id=\"bfa79e6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Pros_Of_Locking_Your_Mortgage_Rate_In_Canada\"><\/span><b>The Pros Of Locking Your Mortgage Rate In Canada:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-478eab8 elementor-widget elementor-widget-text-editor\" data-id=\"478eab8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Provides Certainty<\/b>: Locking a mortgage rate allows you to predict and plan your budget. The certainty makes it easier to look ahead without worrying about interest fluctuations. <\/li><li>\u00a0<\/li><li><b>Protects against rising mortgage rates<\/b>: If rates are on the rise, locking in a mortgage rate keeps your rates low, which can be a relief in volatile market conditions. <\/li><li>\u00a0<\/li><li><b>Float-down options: <\/b><i>Sometimes <\/i>lenders will allow you to take advantage of a lower interest rate if the rates decrease during your lock period.\u00a0<\/li><\/ul><p>Overall, the pros of locking your mortgage rate may save you money and provide peace of mind, allowing you to budget the rest of your finances with certainty.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3bcfe20 elementor-widget elementor-widget-heading\" data-id=\"3bcfe20\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Cons_Of_Locking_Your_Mortgage_Rate_In_Canada\"><\/span><b>The Cons Of Locking Your Mortgage Rate In Canada:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a219ea1 elementor-widget elementor-widget-text-editor\" data-id=\"a219ea1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Missing out on lower rates<\/b>: If the interest rate lowers drastically during your lock period, you may miss out on these rates. Not all lenders offer float-down options.<\/li><li>\u00a0<\/li><li><b>Lock rate fee<\/b>: Some lenders charge a lock rate fee, which gets added to the cost of your mortgage. This is typically between<b> 0.25% and 0.50% of your loan<\/b>. Extending your lock time can also come with fees, typically around 0.375% of the loan amount.<\/li><li>\u00a0<\/li><li><b>Limits flexibility<\/b>: Once you lock your rate you&#8217;re committed to that lender. If you find a better offer elsewhere, it may be difficult or costly to switch.<\/li><li>\u00a0<\/li><\/ul><p>The disadvantages of locking your mortgage rate may entail losing out on lower interest rates if the lock is poorly timed and the lender does not offer float-down options. Choosing to lock your mortgage rate may result in an additional fee, so even if you save money on interest, you still pay a bit extra for the privilege of doing so.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c85ef71 elementor-widget elementor-widget-heading\" data-id=\"c85ef71\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Factors_to_Consider_Before_Locking_Your_Mortgage_Rate_in_Canada\"><\/span><b>Factors to Consider Before Locking Your Mortgage Rate in Canada<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77a3f84 elementor-widget elementor-widget-text-editor\" data-id=\"77a3f84\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>How do you know if you may lose out or save money when locking your mortgage rate? <\/b>It\u2019s tough to predict &#8211; even for the experts. However, there are certain factors to consider to make this prediction easier:\u00a0<\/p><ul><li><b>Current market conditions and the future outlook for interest rates<\/b>: This information requires more than just a cursory Google. You\u2019ll need to consider housing demands, your bank\u2019s predictions, and the current direction of interest rates. Consulting an expert may make this step easier. <\/li><li>\u00a0<\/li><li><b>Your financial situation and risk tolerance<\/b>: Consider if you could afford an increased interest rate or would rather play it safe and lock in the one you know you can manage. If there\u2019s room in your budget for variation, consider if you\u2019d be comfortable with uncertainty or prefer stability. <\/li><li>\u00a0<\/li><li><b>The length of the rate lock period<\/b>: Ensure that this period gives you enough time to finalize your mortgage application and that everything will be processed in time. <\/li><li>\u00a0<\/li><li><b>Is there a float-down option?<\/b> If you\u2019re not sure you\u2019re comfortable losing out on a lower interest rate, find out if your lender offers a float-down option. <\/li><li>\u00a0<\/li><\/ul><p>Once you\u2019ve considered these factors, the question remains: <b>When should you lock in your mortgage? <\/b>The ideal circumstances to lock your rate are when <b>rates are low and expected to rise or when you need certainty about your mortgage costs for budgeting purposes<\/b>. If the circumstances fit these terms, it would be advantageous to lock your mortgage rates.\u00a0<\/p><p>On the contrary, if rates are high and expected to fall, or if you&#8217;re comfortable with the risk of fluctuating rates, you may choose to hold off on locking your rate.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e762c5 elementor-widget elementor-widget-heading\" data-id=\"2e762c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"How_to_Lock_Your_Mortgage_Rate_in_Canada\"><\/span><b>How to Lock Your Mortgage Rate in Canada<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a26fa07 elementor-widget elementor-widget-text-editor\" data-id=\"a26fa07\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It&#8217;s easy to understand why you may want to lock your mortgage. <b>But how do you do this in Canada?<\/b> The process may vary depending on the lender but typically entails:<\/p><ul><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Applying for a <a href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-pre-approval\/\">mortgage pre-approval<\/a> with a lender.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The lender reviews your finances and provides an interest rate.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Clarifying the terms of the rate lock (fees, period, float-down possibility). <\/li><li>\u00a0<\/li><\/ul><p>Ensure you understand the terms and conditions fully before agreeing to a rate lock. If you&#8217;re not sure you like your options, then look for other offers from different lenders to find the best deal.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9689a6e elementor-widget elementor-widget-heading\" data-id=\"9689a6e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Conclusion_Should_I_Lock_My_Mortgage_Rate_in_Canada\"><\/span><b>Conclusion: Should I Lock My Mortgage Rate in Canada?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d406eb0 elementor-widget elementor-widget-text-editor\" data-id=\"d406eb0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Choosing to lock your mortgage in Canada can provide a homebuyer with a sense of stability and peace of mind for future mortgage payments and can save money long-term. On the other hand, the exact opposite may also apply. Before making a decision, it\u2019s crucial to do your research and ensure you know the <a href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-terms\/\">terms of your mortgage<\/a> rate lock before agreeing to it. Consulting with a mortgage professional can also provide valuable insights and help you make an informed choice.<\/p><p>Remember, homeownership is a significant financial commitment, and every decision related to your mortgage can have a big impact on your financial well-being. So, take your time, weigh your options, and make the decision that&#8217;s right for you.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b49ad61 elementor-widget elementor-widget-image\" data-id=\"b49ad61\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mortgage.mohamedkonate.ca\/mortgage-services\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"750\" height=\"209\" src=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png\" class=\"attachment-large size-large wp-image-15494\" alt=\"\" srcset=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png 924w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-300x83.png 300w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-768x214.png 768w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-397x110.png 397w\" sizes=\"(max-width: 750px) 100vw, 750px\" style=\"width:100%;height:27.81%;max-width:924px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">5<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> For first-time homebuyers in Canada, it can be difficult to find mortgage rates and terms that suit you and your budget. But what do you do when interest rates constantly fluctuate, and a mortgage agreement that works for you one day might not work the next day? Locking your mortgage allows you to lock in&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/should-i-lock-my-mortgage-rate-in-canada\/\">Continue reading <span class=\"screen-reader-text\">Should I Lock My Mortgage Rate In Canada? The Pros And Cons.<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":10793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8],"tags":[21],"class_list":["post-10791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-375x250.jpg",375,250,true]},"post_excerpt_stackable":"<p>Table of Contents An Overview Of Mortgage RatesWhat Does It Mean To Lock A Mortgage Rate?The Pros Of Locking Your Mortgage Rate In Canada:The Cons Of Locking Your Mortgage Rate In Canada:Factors to Consider Before Locking Your Mortgage Rate in CanadaHow to Lock Your Mortgage Rate in CanadaConclusion: Should I Lock My Mortgage Rate in Canada? Reading Time: 5 Min For first-time homebuyers in Canada, it can be difficult to find mortgage rates and terms that suit you and your budget. But what do you do when interest rates constantly fluctuate, and a mortgage agreement that works for you one&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons-375x250.jpg",375,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents An Overview Of Mortgage RatesWhat Does It Mean To Lock A Mortgage Rate?The Pros Of Locking Your Mortgage Rate In Canada:The Cons Of Locking Your Mortgage Rate In Canada:Factors to Consider Before Locking Your Mortgage Rate in CanadaHow to Lock Your Mortgage Rate in CanadaConclusion: Should I Lock My Mortgage Rate in Canada? Reading Time: 5 Min For first-time homebuyers in Canada, it can be difficult to find mortgage rates and terms that suit you and your budget. But what do you do when interest rates constantly fluctuate, and a mortgage agreement that works for you one&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Should-I-Lock-My-Mortgage-Rate-In-Canada-The-Pros-And-Cons.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=10791"}],"version-history":[{"count":33,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10791\/revisions"}],"predecessor-version":[{"id":15802,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10791\/revisions\/15802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/10793"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=10791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=10791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=10791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}