Did Canadian mortgage rates fall after the January CPI cooldown?

We saw a friendlier backdrop after inflation cooled to 2.4%. Bond yields eased, which often leads lenders to trim fixed quotes. Changes are usually small at first and vary by lender. Monitor broker rate sheets this week and keep a fresh rate hold to capture any early moves.

What does a 30-year mortgage rate near 6% mean for Canadians?

Canada does not center on a 30-year term, but the U.S. 30-year mortgage rate is a key signal. When it drifts lower, global bond yields often ease. That can support better fixed quotes here. It is not one-to-one, but it points to less volatility and a modest downward bias.

How should I think about refinance rates today and penalties?

Start with a written penalty quote from your lender. For variable loans, it is often three months’ interest. For fixed loans, it can be an interest rate differential. If refinance rates today are 20 to 40 basis points lower, you may break even near renewal. Confirm with a full cost comparison.

What links inflation and mortgage rates in Canada?

Inflation and mortgage rates connect through bond markets. When inflation cools, investors accept lower yields, which reduces lender funding costs. That can lead to lower fixed-rate offers. The effect is not instant or equal at every lender, so watch Government of Canada yields and lender bulletins for updates.

Global Market Insights

Mortgage rates today, February 16: CPI cooldown nudges 30-yr near 6%

ByDanny Kontos February 16, 2026February 16, 2026

Mortgage rates today are edging lower after January inflation cooled to 2.4% year over year. U.S. 30-year mortgage rate quotes dipped from 6.10% to 6.04%, while Zillow showed about 5.99% on February 12. For Canadian borrowers, softer inflation and lower bond yields often filter into fixed-rate offers within days. We explain how inflation and mortgage rates connect, what this drift means for buyers and renewers, and how to plan for spring with clear, practical steps.