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Canada’s leading nationally advertised mortgage rates have barely budged for weeks. But what has budged are government bond yields. The closely-watched five-year yield reached a six-month high this week.
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Such moves usually drag popular fixed mortgage rates along for the ride. Higher yields have already inspired several lenders to boost fixed rates by roughly 10 basis points. (A 10-basis-point rate increase costs about $477 more in interest on a standard five-year mortgage, per $100,000 borrowed.)
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The big banks are still pretending not to notice, but if yields climb much further, they’ll quietly pump up rates — preferably when no one’s looking.
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As it stands, the market’s fallible forward-rate outlook implies that the best value on paper is the five-year fixed — at least for folks who don’t plan any mortgage changes during their term.
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If you need a default-insured rate, you can find a five-year as low as 3.84 per cent in some provinces (such as with Ratebuzz.ca in Ontario).
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If you’re going uninsured, expect to cough up at least 25 basis points more in most cases.
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As for variable rates, they’re stalled until the Bank of Canada figures out whether tariffs are about to throw gasoline on inflation or smother it with a pillow.
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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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For the best national insured and uninsured mortgage rates, updated daily, please visit our mortgage rate page here.
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