The new year is starting with a handful of hikes to leading default-insured rates, but nothing panic inducing.
The lowest nationally advertised two-year fixed climbed 20 basis points this week to 3.99 per cent (True North Mortgage), while the cheapest three-year fixed nudged up a modest five basis points to 3.89 per cent (Citadel Mortgage).
Regionally, there are deals galore. Among them, in no particular order:
- Ratebuzz’s five-year fixed at 3.69 per cent (in Ontario; insured only)
- Ratebuzz’s five-year variable at 3.39 per cent (also in Ontario; insured only)
- Butler Mortgage’s three-year fixed at 3.64 per cent (in Alberta, B.C., Ontario; insured only)
- Coast Capital’s three-year fixed at 3.84 per cent (in B.C.)
- Coast Capital’s five-year fixed at 3.94 per cent (in B.C.)
- Access Credit Union’s 3.45 per cent variable (in Manitoba)
Based on everything currently observable without clairvoyance, derivatives markets are pricing roughly 100 basis points of rate hikes over the next five years.
That hints at greater protection in medium- to longer-term
fixed rates
, especially when lenders pair them with fair prepayment penalties and flexible refinancing options.
However, one well-timed global crisis could flip this whole outlook upside down — just to remind everyone who’s really in charge: the universe and its random events.
In the near term, Friday’s Canadian and
U.S. jobs
reports could shuffle the deck on the
mortgage rates
you see below, so keep a watch on those headlines.
Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.
This table reflects the prevailing rates at the time this story was published. For the best mortgage rates in Canada right now, click
here
.