Do you have any idea how the mortgage rates Toronto Canada are determined? The rate at which a banking institution can lend you money that will enable you to buy a house of your own or any other real property for that matter is called mortgage rate. Mortgage rates do not automatically come on their own as they are determined by a number of external factors. It is a common mistake among many property buyers, most especially those who are first-time homebuyers, without exerting any effort to research anything that has something to do with mortgage rates. Too often these people tend to just go with whatever their mortgage brokers or their banks would offer in front of them. What’s worse is that most of the time they wouldn’t mind about asking their brokers about how the whole business of mortgage rate works.