Oil prices fell nearly 10 percent last week, dragging down leading fixed-rate mortgage rates.
From an advertised interest rate perspective, leading five-year fixed rates have fallen 12 to 16 basis points since last Thursday.
The three-year fixed price, Canada’s current crowd favorite, also slipped, with the insured version falling six basis points.
There are rumors that major banks negotiate less than four percent on three-year uninsured terms (note: one of them happens to have a royal golden cat in its logo).
Looking ahead, significant easing of fixed rates is unlikely until oil prices fall below $80 a barrel, a level not seen in two months and which shows no willingness to reach it again.
This would require comprehensive cooperation from the Iranians, which only a few of them, US President Donald Trump, are apparently willing to do.
The question is: How long can Iran hold out while US warships block its main source of government revenue?
Analysts speculate it could only take a few weeks due to Iran’s depleted oil storage capacity. But a Supreme Leader disfigured and fatherless by U.S. bombs may not be thinking rationally.
Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.
Do you want to save on your mortgage?
For the best national mortgage rates for both insured and uninsured mortgages, updated daily, visit our mortgage rates page Here .