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Government bond yields — those joyless numbers that quietly decide fixed mortgage rates — have pole-vaulted 30 to 40 basis points since the April 4 lows.
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That’s causing profit margin compression at lenders, which is finally catching up with fixed mortgage rates. We’ve seen some big banks increase their internal discretionary pricing five to 15 basis points this week.
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As for the lowest nationally available rates, here’s how sticker prices have moved since last week’s update:
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- One-year fixed (insured): up 33 basis points to 4.50 per cent
- Three-year fixed (uninsured): down five basis points to 4.04 per cent
- Five-year fixed (uninsured): down one basis points to 3.98 per cent
- 10-year fixed (uninsured & insured): up four basis points to 5.29 per cent
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Borrowers are seeing eye-catching low rates from regional providers. Case in point: Ontario-based Ratebuzz.ca with its 3.94 per cent five-year fixed and 4.05 per cent variable rate — both available on uninsured mortgages.
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On the insured side, Butler Mortgage’s 3.79 per cent three-year fixed and Nesto’s 3.84 per cent five-year fixed are healthy values as well.
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Several lenders say fixed rates are having a mini-popularity surge — tariffs have spooked enough borrowers to make predictability more sexy. That’s despite the market’s forward rate outlook, as tracked by CanDeal DNA. According to those projections, the Bank of Canada is expected to deal about two more rate cuts before year-end — assuming, of course, inflation doesn’t reshuffle the deck.
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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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