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Mortgage Rates Up

Bond investors, spooked by Bank of Canada rate-hike speculation, sold off Canadian bonds last week.  Of course, that now leaves us with higher interest rates, and higher mortgage rates.

“Rate hikes are substantially more probable than rate cuts as we go forward.” said Eric Lascelles, a senior fixed income strategist at TD Securities in Toronto.

All the big banks quickly took action, raising rates by 1/5%.  Their posted rates are now around 6.65% for a 5-year.

(Don’t despair if you’re mortgage hunting. We still have access to lenders near 5%)