Rob Carrick from the Globe & Mail is ringing the alarm. With mortgage rates at 6-year highs and shrinking variable-rate discounts, he says it’s time to lock in now.
The need for urgency is debatable, however. Bond yields have drifted down lately and that’s usually a positive for fixed mortgage rates. In addition, noted CIBC economist, Benjamin Tal, says, “Over the next six months, it’s very reasonable to think that rates will be stable, with a bias downwards.” The Bank of Canada agrees.