It’s the best time of year to negotiate your mortgage rate. Here’s how

Now is one of the best times of the year to get lenders competing for your mortgage, experts say. Here's what you need to know to negotiate a better deal.

Some mortgage rates are getting cheaper heading into the busy spring housing market, but experts say you’ll likely need to negotiate your way into the best rate possible.

Expectations that the Bank of Canada will cut interest rates sometime this year have already driven down rates on some fixed mortgage products. These rates are tied to the bond market, which can fluctuate based on expectations for where the central bank’s policy rate will head next.

That’s brought rates below five per cent on some three- and five-year fixed rate mortgages, according to comparator site Ratehub.ca.

James Laird, co-CEO of Ratehub.ca, says that lenders are offering “sharp rates” right now as banks rely on the mortgage business to bolster their books and that spring is traditionally a busy time in the market.

Lenders might also dangle cash-back incentives and other rewards to sweeten the pot for homeowners and prospective buyers who are shopping around for rates with a broker, he says.

“This is the time of the year when lenders of all stripes put their best foot forward,” Laird says.

“They do fight aggressively with each other to hit their goals for the year. So consumers should definitely shop around and get a few different lenders competing, and they’ll probably get some pretty strong offers right now.”

Canadians are unlikely to get the lowest advertised rates that they might be seeing online from their lenders upfront, says Vancouver-based mortgage expert Eitan Pinsky.