Oil prices have shed nearly 10 per cent over the past week, dragging leading fixed mortgage rates down with them.
From an advertised rate perspective, leading five-year fixed rates are down 12 to 16 basis points since last Thursday.
The three-year fixed, Canada’s current crowd favourite, also slipped, with the insured version falling six basis points.
Whispers persist of big banks dealing sub-four per cent on uninsured three-year terms (hint: one of them happens to feature a regal golden feline in its branding).
Looking ahead, meaningful fixed-rate relief is unlikely until oil cracks below $80 a barrel, a level it hasn’t been to in two months and shows no eagerness to revisit.
That would take ample cooperation from the Iranians, something few of them seem willing to give U.S. President Donald Trump thus far.
The question is, how long can Iran hold out while U.S. warships blockade its main source of government revenue?
Analysts speculate that it may be as little as a few weeks, due to Iran’s exhausted oil storage capacity. But a Supreme leader disfigured and fatherless because of U.S. bombs might 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.
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