While rates have been steadily climbing for variable mortgages, fixed mortgage rates have been moving in the opposite direction.
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For the first time since last spring, mortgage shoppers finally have a condition-free sub-5% fixed mortgage rate option.
It took some time, but mortgage rates are now responding to last week's plunge in bond yields stemming from fears about systemic financial risk in the U.S. and Europe.
Fixed mortgage rates could surge higher in the coming week after Government of Canada bond yields—which lead fixed mortgage rates—shot up to a 16-year-high.
Mortgage shoppers and those with upcoming renewals may see some rate relief next week thanks to a steep drop in bond yields.
With the current combination of high interest rates, inflationary pressures, and higher mortgage payments, one would expect Canada’s structured bonds to decline in rating.
Fixed mortgage rates are expected to take another step up next week, pushing some 5-year fixed mortgages into 6% territory.
After a short-lived upswing in bond yields last month that nudged some fixed mortgage rates higher, lenders are once again bringing them back down.