US Mortgage Rates Hit a 2023 High — 60% of Canadian Renewals Cost More

Mortgage rates just hit a 2023 high in the US, and the Bank of Canada confirms most 2025-26 renewals cost more. 0:00 Hook 0:34 US Rate Shock 1:56 Frozen Market 2:47 Canada's Renewal Wave 4:25 One Family's Number 5:25 Why This Is Happening 6:23 What To Do Now 7:42 Bottom Line The thirty-year fixed U.S. mortgage rate averaged 7.28% for the week of October 1, 2026, up from 7.03% the week before and 6.34% a year ago — the highest since November 2023 (Freddie Mac PMMS). In Canada, the Bank of Canada estimates about 60% of all outstanding mortgages renew in 2025 or 2026, and roughly 60% of those renewals see a higher payment; five-year fixed holders (about 40% of all Canadian mortgages) face average increases of 15%-20% (BoC Staff Analytical Note 2025-21; BoC Financial Stability Report 2026). Household estimates in this video (the Phoenix family payment estimate and the $670/month example) are illustrative calculations based on the stated rate assumptions, not official government figures. The $500,000 / 20-years-remaining / 1.89%-to-4.49% example follows lendsimpl.ca's published scenario. Sources: Freddie Mac Primary Mortgage Market Survey: https://www.freddiemac.com/pmms Freddie Mac press release: https://freddiemac.gcs-web.com/news-r... Bank of Canada, Staff Analytical Note 2025-21: https://www.bankofcanada.ca/2025/07/s... Bank of Canada, Financial Stability Report 2026, Households: https://www.bankofcanada.ca/publicati... Illustrative renewal example: https://lendsimpl.ca/blog/canada-mort... Bank of Canada rate decision calendar: https://www.financecalendar.com/bank-... This is news and general information, not financial advice. Visuals and voice are AI-generated; all facts are researched and sourced. Subscribe — we'll warn you before the next one hits your wallet. #MortgageRates #HousingMarket #PersonalFinance #Canada #USA