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Globe Says Lock In

Lock-in-Mortgage 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.