Currently, Canadian mortgage rates have remained stable, providing relief after a surge in the past two months. There is an increasing interest in five-year fixed rates, which is the most popular option with 71% of recent rate searches. The direction of rates will largely depend on the U.S. Federal Reserve's upcoming decision. If this rate hike is the last in the current cycle, it is expected that mortgage rates will decrease in the near future. Potential buyers should stay informed and consult with professionals for the best options.