North American bond yields have virtually collapsed. The 5-year Canada bond, for example, is down to 2.27% as of this writing. That's another record low.
InYourBestInterest's Hank Cunningham says, "the word 'bubble' is now in vogue to describe this massive rally in government bonds…" (For those who don't know, bond prices move inversely to yields, and fixed mortgage rates are closely linked to bond yields.)
30-day bankers' acceptance (BA) rates are also down. As of today they've dropped to 1.97%. That's just a touch above their 2002 low of 1.81%. (variable mortgage rates generally move with BA's)