How to Lock in a Fall Mortgage Rate Before the Market Shifts
August 8, 2025 | Posted by: Keith Leighton
How to Lock in a Fall Mortgage Rate
Before the Market Shifts
As the summer winds down and families get ready for back-to-school season, it is also a time when many Canadians start focusing on their financial goals again. For some, that includes buying a home or refinancing their mortgage.
If you are thinking about making a move this fall, locking in your mortgage rate early could be a smart strategy. Interest rates rarely stay the same for long, and even a small increase can affect your monthly payments and overall affordability.
Why Fall Can Bring Rate Changes
The mortgage market often becomes more active again in September after a quieter summer. The Bank of Canada typically makes key interest rate announcements in early fall, based on updated economic data, inflation trends, and global developments. If inflation begins to rise again or the economy shows stronger growth, rates could move higher.
Even if the Bank of Canada holds steady, lenders may still adjust fixed-rate pricing in advance. This is especially true for three to five-year fixed terms. Waiting too long could mean missing out on a better rate.
What It Means to “Lock In” a Rate
A rate lock, also known as a mortgage rate hold, allows you to secure today’s rate for up to 120 days while you prepare your finances or look for a home. If rates rise during that period, you are protected. If rates drop, many lenders will let you access the lower rate before closing. Working with a mortgage broker can help ensure you get the best option available.
Who Should Consider a Rate Hold?
• First-time buyers planning to purchase this fall
• Homeowners who want to refinance or consolidate debt
• Anyone with a mortgage renewal coming up within the next four months
Even if you are not completely sure about buying or refinancing, holding a rate gives you peace of mind while you weigh your options.
How to Get Started
The best part is that securing a rate hold is free and does not require a firm commitment. Most lenders and brokers can get a rate hold in place with a soft credit check and some basic information. From there, you have time to make informed decisions without the pressure of rising rates.
Final Thoughts
Mortgage rates can change quickly and waiting even a few weeks can affect your long-term costs. If you are considering a purchase, renewal, or refinance this fall, now is a great time to explore your options and secure a rate that fits your needs.
If you would like help starting the process or have questions about your mortgage options, feel free to reach out. At Ideal Mortgage, we are here to help you move forward with confidence.
