Mortgage rates in Canada have been high due to interest rate hikes, but some lenders are now offering lower rates. This is a result of lower bond yields and the anticipation of rate cuts by central banks. However, homeowners and new buyers still face difficult decisions. Some believe variable rates will fall faster than fixed rates, while others caution that even with rate reductions, mortgages may still be unaffordable for many Canadians. The Bank of Canada is waiting for more data on inflation before making a decision on rate cuts.