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Fixed mortgage rates fell again this week, with the lowest nationally advertised uninsured fixed rates for two- and five-year mortgages falling 11 and 10 basis points, to 6.08 and 5.04 percent, respectively.
For those who don't need short-term financing, one- and two-year mortgages are still too expensive. But their interest rates will improve if the Bank of Canada continues to ease interest rates.
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Fixed terms of over three years continue to be the public's favorite, with the leading offers nationwide being 4.84 percent (insured) and 5.24 percent (uninsured).
As for variable rates, borrowers are keeping their fingers crossed for another rate cut from the Bank of Canada next month. The prospects of that took a big hit after Tuesday's disappointing inflation figures. Average core inflation headed in the wrong direction, rising 0.15 percentage points to 2.85 percent.
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CanDeal DNA forward rate data now points to another rate cut by September, although the Bank of Canada's July 24 meeting is still pending. There is a key jobs report and another key consumer price index release next Friday before the bank makes a decision.
Want to know more about the mortgage market? Read Robert McLister's new weekly column in the Financial Post and find out the latest trends and details on financing opportunities you can't miss.
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Mortgage interest rates
The rates shown below are updated by the end of each day and are taken from MortgageLogic.news' Canadian Mortgage Rate Survey. Postmedia and Imaginative.Online Inc., the parent company of MortgageLogic.news, receive compensation from certain mortgage providers when you click on their links in the charts.
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