---
title: How are mortgage rates set?
description: Understanding what influences rate changes and if mortgage rates will further decrease over 2024.
image: https://blog.accesscu.ca/hubfs/How%20are%20mortgage%20rates%20set.jpg
---

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# How are mortgage rates set?

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With the recent Bank of Canada’s most recent 0.25 per cent drop on prime rates, many are wondering if mortgage rates will further decrease over the rest of 2024. While it’s difficult to predict exactly what will happen with interest rates, it’s important to remember that those older rates were among the lowest in Canadian history.  

So, what influences rate changes? Is it the Bank of Canada? Politicians? Current events? 

While lending rates – particularly the prime rate – may sometimes coincide with central bank rates, the reality is that most mortgage rates — particularly those locked in for a period of one to five years — are mostly dictated by bond markets. Sometimes current events may affect mortgage rates, such as the COVID-19 pandemic, but it is rare.  

You might also notice that locked-in mortgage rates frequently increase and decrease without any movement at the Bank of Canada. In fact, sometimes these rates can affect what the Bank of Canada decides to do.

If you're looking for a mortgage specialist, get started by [booking an appointment online today](https://www.accesscu.ca/en/meet-now)!  
 

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