Canada’s highest nationally advertised interest rates fell flat this week, despite an 18 basis point spread in five-year Treasury yields.
The bond market, which determines the general development of fixed mortgage interest rates, is omnipresent. Traders are trying to figure out when the Strait of Hormuz will really reopen, how many oil tankers can get through and how quickly.
A month ago this had nothing to do with your mortgage rate, and now it somehow has everything to do with it.
Two out of three mortgage extenders now prefer fixed terms of three or five years, and lo and behold, you can still find them for under four percent at regional brokers and credit unions.
All leading variable interest rates, on the other hand, now carry additional risk as the Middle East oil crisis threatens to spur inflation.
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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