Factors that can influence mortgage rates in Canada. Indeed, mortgage rates can vary based on several factors, and the information you provided highlights some key considerations. Here’s a brief explanation of these factors:

CMHC Insurance
If your mortgage is insured by the Canada Mortgage and Housing Corporation (CMHC) or another mortgage insurer, it can impact the interest rate. Insured mortgages generally have lower rates because the insurance protects the lender in case of default.

Type of Property
The type of property you’re financing can affect the mortgage rate. For example, rates might differ for a single-family home compared to a condominium.

Mortgage Term
The term of your mortgage, whether it’s a fixed term (e.g., 5 years) or a variable term, can influence the interest rate. Fixed-rate mortgages often have higher initial rates but provide rate stability over the term.

Mortgage Features
Certain features, such as prepayment privileges or the ability to convert between fixed and variable rates, can impact the interest rate. More flexible mortgages might come with slightly higher rates.

Credit Rating
Your credit score plays a significant role in determining the interest rate you’ll be offered. Generally, a higher credit score can help you secure a lower interest rate.

It’s important for individuals seeking a mortgage to be aware of these factors and understand how they apply to their specific situation. As mentioned earlier, reaching out to lenders, mortgage brokers, or financial advisors can help you navigate these considerations and find the best mortgage option for your needs. Additionally, being informed about your credit score and financial health can contribute to securing favorable mortgage terms.