Mortgage rates are fluctuating, with fixed rates rising while variable rates are declining due to central bank rate cuts. The Bank of Canada is expected to continue reducing rates, which will eventually lower variable mortgage rates further. While market uncertainty and global events impact fixed rates in the short term, the long-term trend suggests a return to the high 3% range for fixed mortgages. However, historically low rates in the 2% range are unlikely to return. The best strategy for homeowners renewing or purchasing is to opt for a variable rate, as rates are expected to continue dropping.