Are mortgage rates today in Canada also near 6%?

The 6.09% figure is a U.S. snapshot from February 12. Canada prices off local bond yields and lender spreads, so quotes differ by term, amortization, and borrower profile. Watch five-year Canada yields and lender discounts. If yields ease and spreads hold, Canadians can see better offers even if posted rates look unchanged.

Should I refinance now or wait for lower refinance rates?

Run a break-even test. Compare monthly savings at today’s quote to your penalty, legal, and appraisal costs. If you recover costs within your expected time in the home, act. If not, secure a rate hold and monitor. Re-price weekly, and ask for a float-down if bond yields improve before closing.

Is a 15-year mortgage rate better than longer terms?

In the U.S., 15-year rates are often lower than 30-year and reduce total interest. Canada uses terms and amortization. You can mimic the effect by shortening amortization or picking a shorter term, which typically lowers lifetime interest but raises payments. Model both scenarios to confirm the cash flow fits your budget.

Is an adjustable-rate mortgage too risky in Canada?

Risk depends on your budget and horizon. An adjustable-rate mortgage can start cheaper, which helps cash flow if you expect rate cuts and can manage variability. Fixed terms suit tight budgets and longer holding periods. Ask lenders for side-by-side comparisons, including conversion options, potential payment changes, and total interest over your expected timeline.

Global Market Insights

Mortgage Rates Today, February 17: Refi Options Improve Near 6%

ByDanny Kontos February 17, 2026

Mortgage rates today are edging lower, with the U.S. average near the low-6% range. Realtor.com reported 6.09% on February 12, a shift that may open a refinancing window for Canadians watching bond yields and discounts. Fortune’s latest Zillow read suggests refi terms improved in mid-February, while CBS News shows how borrowers can get closer to 5% using points, shorter terms, or ARMs. We explain what this means for Canada, who benefits, and how to act this week.