The popularity of variable-rate mortgages is continuing to fall and is now nearly at levels last seen prior to the pandemic in early 2020.
Fixed mortgage rates are once again on the rise, with rates under 5% quickly becoming a distant memory.
Variable-rate borrowers will see their interest cost on their next mortgage payment rise as banks and other financial institutions have lifted their prime rates to a 22-year high of 6.95%.
Numerous lenders continued to raise fixed mortgage rates this week, including several big banks, and more hikes could be on the way as short-term bond yields hit a 15-year high.
RBC and National Bank became the latest Big 6 banks to increase their posted fixed rates this week, following previous increases by BMO and CIBC.
The past two weeks have seen a flurry of mortgage rate increases at mortgage lenders, including several of the Big...
After a series of rate hikes, many of Canada’s variable rate mortgage holders are feeling the pain, and fixed-rate borrowers aren’t faring much better.
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 in Canada surged last week thanks to a fresh run-up in bond yields.
National Bank economists argued in a recent webcast that all signs point to a soft landing by mid-year, with interest rates remaining in their current position.