Mortgage rate pricing: Canada vs. the U.S.

This blog discusses the differences in mortgage rate pricing between Canada and the United States. In Canada, when rates rise, brokers usually get a heads up, giving clients time to apply without rushing. However, in the United States, rates move almost immediately with yields, and brokers can receive multiple rate updates in one day. Applications in the U.S. are more extensive than in Canada, and brokers must prepare a government-mandated “Loan Estimate” before locking in, which takes time. Additionally, rate holds in the U.S. are typically only 30 days, while Canadian brokers can offer 120-day rate holds. The blog emphasizes that, while Canadian lenders have their own issues, they still have advantages over their American counterparts.