The Bank of Canada sets the overnight rate eight times a year. Banks set their prime rate from it — prime has sat 2.2 percentage points above the overnight rate for years — and variable mortgages, HELOCs and lines of credit are priced as prime plus or minus a margin.

Fixed mortgage rates follow Government of Canada bond yields instead, especially the 5-year yield. That's why fixed rates can move before the Bank of Canada does anything.

Advertised rates are a starting point. Your actual rate depends on your credit score, down payment, debt ratios and whether the loan is insured. Always compare the APR, which includes fees, not just the headline rate.