Should You Lock In a Mortgage Rate Before Spring 2026?

As spring 2026 approaches, many Canadian homebuyers and homeowners are asking the same question: should you lock in a mortgage rate now, or wait to see if rates fall further?

With rate uncertainty, housing demand picking up, and bond markets fluctuating, timing your rate decision could have a major impact on your monthly payments and long-term costs.

The Mortgage Rate Landscape Heading Into Spring 2026

Entering early 2026, mortgage rates in Canada have stabilized after several years of volatility. While inflation has eased, the Bank of Canada remains cautious, and global economic factors continue to influence bond yields.

Spring is traditionally a busy housing season, which often leads to:

• Increased buyer demand

• Faster rate changes from lenders

• Reduced negotiating power for borrowers

This makes early rate planning especially important.

Reasons to Lock In a Rate Before Spring 2026

1. Protection Against Rising Rates

Fixed mortgage rates can change quickly—sometimes within days—based on bond market movements. Locking in early protects you from sudden increases.

2. Spring Market Competition

As more buyers enter the market, lenders may become less aggressive with discounts. Securing a rate before demand peaks can improve your bargaining position.

3. Rate Holds Offer Flexibility

Most lenders offer 90–120 day rate holds, allowing you to lock in today’s rate while still benefiting if rates drop before closing.

4. Peace of Mind for Buyers and Renewers

Knowing your rate in advance helps with budgeting, affordability calculations, and purchase confidence.

Reasons You Might Consider Waiting

Locking in isn’t always the best choice. Waiting may make sense if:

• You expect rate cuts later in spring or summer 2026

• You’re choosing a variable-rate mortgage

• Your financial profile may improve soon

• You’re not buying or renewing until later in the year

However, waiting comes with risk if rates rise unexpectedly.

Fixed vs Variable Considerations Before Spring 2026

Fixed-Rate Mortgages

Best for borrowers who want payment stability and protection from market volatility—especially in a busy spring market.

Variable-Rate Mortgages

May benefit from future Bank of Canada rate cuts, but carry short-term uncertainty.

Many borrowers in 2026 are choosing shorter fixed terms (2–3 years) as a compromise between stability and flexibility.

Who Should Strongly Consider Locking In Now?

You may benefit from locking in a rate before spring if you:

• Are purchasing in a competitive market

• Are renewing or refinancing soon

• Have a tight monthly budget

• Prefer certainty over speculation

Rate security can outweigh the possibility of slightly lower rates later.

Final Thoughts

Locking in a mortgage rate before spring 2026 isn’t about predicting the market—it’s about managing risk. With rate holds offering downside protection and flexibility, many borrowers find that securing a rate early provides peace of mind during a competitive season.

The best strategy is one that aligns with your financial goals, timeline, and comfort level.