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This week, Canada's mortgage rate scene was as quiet as a bank vault on Christmas Day. Only one national mortgage rate guide has adjusted its offers since last Thursday. This was the two-year insurance flat rate, which rose by a tenth of a percentage point to 4.74 percent.
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But that doesn't mean the mortgage market itself is dead. Lenders and mortgage brokers are reporting above-average volumes for December, thanks to interest rate cuts from the Bank of Canada and recent credit easing from the Treasury Department and our banking regulator.
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With Treasury yields soaring, there could be more action in the final days of December, particularly from people trying to lock in a rate.
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Oh, and one more thing: If you're looking for an insured fixed-rate mortgage, we continue to see excellent deals of 3.99 percent from provincial lenders like ATB Financial in Alberta and Community Savings and Vancity in British Columbia. Fixed interest rates could attract interest again if interest rates rise and the trend is increasing.
Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.
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Mortgage interest rates
The interest rates shown below are updated at the end of each day and come from MortgageLogic.news' Canadian Mortgage Rate Survey. Postmedia and imagination. Online Inc., parent company of MortgageLogic.news, will be compensated by certain mortgage providers if you click on their links in the charts.
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