Summer 2025: A Season of Market Uncertainty
With the Bank of Canada recently holding its overnight rate at 2.75%, many homebuyers are left wondering what comes next. This move reflects ongoing economic caution due to inflation concerns and global instability. While the policy rate didn’t change, its implications on fixed and variable mortgage rates are significant.
According to recent lender reports, the average 5-year fixed mortgage rate is currently hovering around 4.56%, while the 5-year variable rate sits closer to 4.30%. These fluctuations can make planning difficult for those navigating the home-buying process in Edmonton.
“In today’s volatile lending environment, timing is critical,” says Vaughn Leroux, Owner/Broker of Dominion Lending Centres Lender Direct. “Locking in your rate could help protect you from potential increases, but it’s not always the right move for everyone. That’s where tailored advice becomes crucial.”
What Does It Mean to Lock in a Mortgage Rate?
When you lock in a mortgage rate, you secure the current rate for a set period—typically 30 to 120 days—regardless of what happens in the market. This can be a powerful tool for buyers in Edmonton, especially during times of economic fluctuation.
Locking in a rate can:
- Offer peace of mind during your home search
- Protect you from sudden rate hikes
- Allow you to plan your finances more accurately
However, it’s not a one-size-fits-all solution. Factors such as loan amount, timeline, and future rate predictions should all influence the decision.
Why This Summer May Be the Right Time to Lock In
While mortgage rates remain historically low, they are no longer at the record-breaking levels seen in previous years. Edmonton’s housing market remains active, with average home prices climbing over 7% in the past year. This makes locking in a rate particularly attractive for buyers looking to secure financing before further increases.
According to Leroux, “We’re seeing a lot of clients in Edmonton looking to buy or refinance before the next Bank of Canada announcement. A mortgage rate hold gives them time to finalize their deal while locking in today’s rates.”
Trust 21+ Years of Local Expertise
Vaughn Leroux has helped thousands of clients across Edmonton navigate the complexities of mortgage financing. As the Owner/Broker of Dominion Lending Centres Lender Direct, he offers personalized service backed by over two decades of local industry knowledge.
Unlike dealing with a traditional bank, working with an experienced mortgage broker in Edmonton gives you access to multiple lenders, rate options, and tailored advice that fits your financial goals.
Let’s Talk About Your Mortgage Strategy
Not sure whether you should lock in your mortgage rate? Let Vaughn Leroux help you make the right call. With deep ties to Edmonton’s real estate market and access to a wide network of lenders, Vaughn is your go-to mortgage broker for honest advice and smart solutions.
Contact Information
- Business Name: Dominion Lending Centres Lender Direct
- Contact Person: Vaughn Leroux, Owner/Broker
- Email: vleroux@dominionlending.ca
- Phone: +1 780 970 4442