Canada’s top nationally advertised rates went nowhere this week, despite an 18-basis-point range in five-year
government bond yields
.
The bond market, which dictates the general trend in
fixed mortgage rates
, has been all over the map. Traders are trying to figure out when the Strait of Hormuz will truly reopen, how many oil tankers can squeeze through and how fast.
None of that had anything to do with your
mortgage rate
a month ago, and now somehow it has everything to do with it.
Meanwhile,
mortgage renewers favour three or five-year fixed terms and, lo and behold, you’ll still find those for under four per cent at
regional brokers and credit unions
.
All the
leading variable rates
, on the other hand, now carry extra risk the longer the Middle East oil disruption threatens to
crank up inflation
.
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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