Remarkable what a week can do to evaluate expectations.
Last Friday we hit lows in Treasury yields not seen since October. (Yields typically exceed fixed mortgage rates.)
This week, as of this writing, Canada’s five-year yield is rocketing toward 2.90 percent. It closed last Friday at 2.67 percent.
The fuel is fear – particularly that instability in the Middle East is keeping oil prices and therefore inflation high.
Few lenders have increased fixed rates so far, but if yield pressures continue, key advertised offers could rise by at least 10 basis points.
Currently, the lowest fixed tariffs advertised nationwide are still in the upper three and lower four ranges. That’s at least a quarter point (0.25) above variable interest rates, which remain the choice of more than four in 10 new borrowers.
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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