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Yields Catapult Higher

Fixed mortgage rates should tick higher next week–barring any economic surprises.

That’s because Canada’s 5-year government bond yield is up 18 basis points today, the most in almost five months. (Bond yields guide fixed-rate mortgage pricing.)

Bond-Yields-Mortgage-RatesThe jump in yields is, thanks to stronger-than-forecast U.S. employment data, a new June maturity as the 5-year benchmark, asset rotation into stocks, and the 20% increase in debt issuance announced in yesterday’s budget.

If you’re considering a fixed-mortgage rate hold, it may be wise to lock it in by Monday.


Sidebar:  We have to wait another week for Canadian employment data. Usually it comes out the same day as U.S. data, but not this week.