Mortgage refinancing in Canada have become quite difficult over the recent years. The market in Canada is presently governed by diverse mortgage products, features and smooth technologies.

The function of banks in Canada for Mortgage refinancing is quite important in the market. In accordance with the estimates, the banks in Canada had $369 billion in outstanding residential mortgages, which accounted for 62.2% of total mortgage market ($593 billion).

The Canadian Refinance Mortgage Rates are dependent on the Bank of Canada that decides the interest rates on the monthly basis.

Mortgage Refinance Rates: Who Regulates in Canada
A Canadian government organization, Canada Mortgage and Housing Corporation (CMHC), control the Canadian mortgage market. CMHC make sure that inexpensive mortgages are obtainable to Canadian consumers. So as to achieve this, CMHC provides:
1. Insurance policies to lenders to defend them in case of defaults
2. Support to homebuyers

Mortgage Refinance Rates: Future Prospects in Canada
In a Mortgage Refinancing meeting held on September 10, 2009, the Bank of Canada kept the interest rates stable at the record low of 0.25%. Additionally, the bank repeated its expectations that interest rates may stay flat until July, 2010, if the viewpoint on inflation remains unchanged.

Mortgage Refinance Rates: The Implications in Canada
If rates are climbed to the level expected by Laurentian Bank in Canada, it would mean that:

Interest rates would no longer be able to take action as the holdup mechanism for the country's real estate market.
Highly-leveraged homebuyers, who have small savings or equity, could be extremely affected.