Mortgage rates delivered a little bit of everything this week.
In the default insurance market, we saw the country's leading five-year fixed rate fall by five basis points to 3.69 percent, with Nesto leading the way.
Three-year fixed rates rose five basis points to 3.89 percent, with True North Mortgage the lowest.
Among uninsured rates advertised nationally, five-year fixed rates moved in the wrong direction, rising five basis points to 4.04 percent, with Citadel Mortgages taking the pole position.
Uninsured 10-year rates fell 10 basis points to 5.24 percent, which doesn't interest mortgage buyers. The utilization of terms beyond six years is still so low that it could be a rounding error.
Overall, variable rate borrowing costs have fallen by 50 basis points over the past two months. Still, adjustable-rate mortgages accounted for only about three in 10 mortgage applications in October.
(Side note: This estimate uses data from Canada's largest mortgage lender, Dominion Lenders Centers Group, as a proxy for the latest numbers. Older but official government data from August showed a fluctuating take-up of 24 percent.)
Over in the land of fixed interest rates, prices have improved significantly less over the same period, by around five to 20 basis points, depending on the term.
That's because fixed rates follow the bond market, where yields are rising slightly as traders brace for the possibility that the Bank of Canada's rate cuts could be just a fading memory.
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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