Surrey and all of British Columbia are among the most active real estate markets in the world. As predicted by industry analysts, Canada will enter a critical period of economic adjustment. More than 60% of its mortgages will be up for renewal by the end of 2026. This shift is already putting pressure on lenders and homeowners, making it more valuable to lock in competitive Surrey mortgage rates now while options remain flexible. Thus, understanding mortgage rates today has become more important than ever for buyers, homeowners planning to renew, and those considering refinancing.
Mortgage affordability remains a significant factor in purchasing power. We expect significant changes in Surrey’s housing market through 2025 and 2026, from townhomes in Fleetwood to brand-new developments in Cloverdale. So, if you are planning to buy, refinance, or simply explore current mortgage rates Surrey lenders are offering, now is a strong window to evaluate your choices.
Current Data Snapshot: What the Numbers Actually Say (2025)
- According to the rate-comparison site, as of early December 2025, the lowest posted 5-year variable mortgage rates Surrey is 3.45% (Prime – 1.00%), and the lowest posted 5-year fixed rate is 3.69%.
- For conventional (non-insured) mortgages in BC (including Surrey), another recent listing shows: 5-year fixed rate ~ 4.69%, 3-year fixed ~ 4.67%, and 3-year variable ~ 5.18%.
- According to the official data from the Bank of Canada (average for new insured residential mortgages), in 2025 the broad “insured mortgage” rate tends to hover around 4.38% (as per the monthly data subset in mid-2025) for newly advanced mortgages.
- Taken together, this suggests that in Surrey (and more broadly in BC), borrowers with strong credit or insured mortgages may still access the best mortgage rates in the low- to mid-3%–4% range (especially variable or insured mortgages), but conventional (non-insured) mortgages commonly carry rates in the ~4.5%–5% bracket depending on term, lender, and borrower profile.
Key Insights
- Surrey mortgage rates remain competitive compared to many other BC cities.
- Fixed mortgage rates Surrey are stabilizing in early 2025, with potential softening expected in 2026.
- Surrey remains a high-demand real estate market, helping lenders compete harder for clients.
- More competition leads to slightly better home loan rates Surrey BC, especially for borrowers with strong credit.
- Refinancing before 2026 can significantly reduce the price.
- Planning to refinance your home loan early can help you save money and get lower interest rates right now.
What Is a Mortgage and Why It Matter in Surrey Today
What Is a Mortgage? A mortgage is a loan used to purchase or refinance a property, where the home itself acts as security for the lender. In active markets like Surrey and across British Columbia, understanding what a mortgage is goes beyond the basic definition it includes knowing how interest rates, loan terms, and renewal cycles affect long-term affordability. With a large portion of Canadian mortgages coming up for renewal before 2026, having clarity on what a mortgage involves can help buyers and homeowners make better decisions around locking rates, refinancing, or choosing between fixed and variable options.
Surrey Mortgage Rates Today: What Borrowers Can Expect
Although specific mortgage rates change daily, Surrey homeowners generally see competitive pricing in the following ranges:
- Five-year fixed mortgage rates today: It is often between 4.8 percent and 5.5 percent.
- Three-year fixed Surrey home loan rates: It typically ranges between 4.7 percent and 5.3 percent
- Variable mortgage rates: It is commonly between 5.9 percent and 6.4 percent.
These numbers align with national benchmarks. However, they show a slightly more competitive spread due to Surrey’s active lending environment. Independent brokers and platforms frequently offer lowest mortgage rates, especially through negotiated specials or restricted-rate products. When comparing mortgage rates in Surrey, it is beneficial to compare not only large banks, but also credit unions and broker-exclusive lenders.
How to Secure Low Mortgage Rates in Surrey Before 2026
To get the lowest mortgage rates in Surrey you need to do more than just compare lender websites. Following are the important points you should look for:
Compare Multiple Lenders
Different lenders evaluate mortgage risk differently. Certain lenders provide more favourable conditions for first-time purchasers, while others focus on delivering competitive refinance rates today. Regularly evaluating rates offered by brokers, credit unions, and major lenders is essential for getting the most suitable option.
Work With a Local Mortgage Broker
A local Mortgage broker Surrey BC often has access to a wide range of lenders. They can assist in negotiating lower Surrey broker mortgage rates. Companies like QuickMortgagesBC specialize in obtaining competitive Surrey home loan rates, particularly for buyers with strong financial profiles.
Strengthen Your Approval Profile
Lenders consider the following financial points:
- Credit score and credit history
- Income and employment stability
- Debt-to-income (GDS/TDS) ratios
- Down payment options
- Type and condition of the property
Improving these factors has a measurable effect on securing the best mortgage rates.
Decide Between Fixed and Variable
Fixed mortgage rates in Surrey offer stability and protection from short-term rate movements. Variable rates may become more attractive if the Bank of Canada cuts interest rates in late 2026. A shorter fixed term, such as three years, provides stability now and flexibility to benefit from improved market conditions later.
Plan for Refinancing
As interest rates rise, homeowners in Surrey are renegotiating loans more frequently. Refinancing now can help secure competitive refinance home loan options before lender demand increases.
Surrey Mortgage Rate Comparison for First-Time Buyers
First-time buyers benefit most from clear, affordable options. A five-year fixed rate remains the most popular choice for long-term payment stability. Buyers expecting improvement in the interest rate outlook Surrey may prefer a three-year fixed or variable term. For affordability concerns, comparing Surrey broker mortgage rates is essential. Even a 0.10% rate difference can save thousands over the life of a mortgage.
Frequently Asked Questions
What are the current mortgage rates in Surrey today?
Most Surrey lenders currently provide fixed rates ranging from the mid-four percent to the low-five percent. Variable rates are slightly higher, usually around 6%. Rates differ depending on the borrower’s profile and lender type.
Should I lock my mortgage rate now or wait until 2026?
For predictable payments, locking in now is the safer choice. If you are willing to take some risk, rate reductions are expected in late 2026.
What factors affect mortgage rates in Surrey?
Mortgage approval factors Surrey include Bank of Canada policy rates, inflation, bond yields, and lender competition. Personal financial factors, including credit score and debt ratios, also affect mortgage rates.
Are mortgage rates in Surrey expected to rise by 2026?
Most forecasts suggest a higher likelihood of rate declines toward the end of 2026.
Final Thoughts
Surrey remains one of British Columbia’s most popular real estate markets. Homeowners who act early often achieve good outcomes. Understanding the market and working with professionals can make a major difference. Choosing a local specialist such as quickmortgagesbc helps ensure competitive pricing and expert guidance to lock in favourable terms before rates rise again.
