💸 Should You Refinance Your Mortgage in August 2025?

Blog Post:

With the Bank of Canada holding rates steady through summer 2025 and potential cuts on the horizon, many Canadians are asking: Is now the right time to refinance?

Refinancing in August 2025 can be a smart move for homeowners with high-rate mortgages from previous years. By switching to a lower rate or shortening your amortization period, you could save thousands over your term.

If you have high-interest debt—like credit cards or personal loans—refinancing into your mortgage may help consolidate payments and free up monthly cash flow. Homeowners can also use a refinance to tap into home equity for renovations, investments, or education funding.

However, timing matters. Refinancing before expected rate cuts could lock you into a higher fixed rate. If flexibility is key, consider a variable or short-term fixed mortgage while rates adjust downward.

Before making a decision, compare offers from multiple lenders. RateShop.ca helps you find the best refinance options in Canada—so you can reduce payments, access equity, and plan ahead with confidence.