Canada's current mortgage rates have not seen much improvement in recent weeks. Variable rates are expected to remain high until the Bank of Canada lowers its overnight rate, which may not happen until April or June 2024. Fixed rates have remained unchanged since the beginning of the year. The Financial Consumer Agency of Canada has released guidelines for mortgage lenders to assist borrowers facing financial difficulties. It is projected that fixed mortgage rates will soften in 2024, while relief for variable-rate mortgage holders may come later in the year.