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But you can shop for mortgage rates in under a day if you put your mind to it. It doesn't look to be a . Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Therefore, when housing prices rise, it also has a huge impact on overall inflation numbers. This doesnt bode well for the Spring homebuying season, as these higher rates will strain affordability for buyers, and discourage homeowners with lower mortgage rates from listing their homes for sale. This might sound like a lot of work. The Federal Open Markets Committees next meeting is scheduled to wrap up March 22. In March, the big four banks have forecast another 25 basis points hike to the cash rate. In spite of two falls in mortgage rates last week, the mood in markets remains grim. If risking a recession now is in the best interest of the Canadian economy long term, the bank will, unfortunately, pursue this option. Since interest rates can vary drastically from day to day and from lender to lender, failing to shop around likely leads to money lost. It only stands to reason then, that some may want the peace of mind of knowing whether we'll be facing upward pressure on housing affordability and inflation expectations. This increased the business owner's overhead and as a result, the cost to the consumer is greater, as well. Of course, no-one knows for sure. You may want to keep tabs on this report to see what's coming down the pike. Mortgage interest rates go down as bond prices go up. Greg McBride, Bankrates chief financial analyst, says a quarter-point hike is probable but not assured. Back on Jan. 19, 2022, for instance, the average rate on a 30-year mortgage was 3.75 percent, according to Bankrate's survey. But there are other potential costs. Christopher Waller speaks, Shopping around for your best mortgage rate They vary widely from lender to lender, Boosting your credit score Even a small bump can make a big difference to your rate and payments, Saving the biggest down payment you can Lenders like you to have real skin in this game, Keeping your other borrowing modest The lower your other monthly commitments, the bigger the mortgage you can afford. For potential home buyers, its important to get quotes from multiple lenders for a mortgage, as rates can vary dramatically, especially during such a volatile period, said Odeta Kushi.