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Oil prices have shed nearly 10 per cent over the past week, dragging leading fixed mortgage rates down with them.
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From an advertised rate perspective, leading five-year fixed rates are down 12 to 16 basis points since last Thursday.
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The three-year fixed, Canada’s current crowd favourite, also slipped, with the insured version falling six basis points.
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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).
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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.
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That would take ample cooperation from the Iranians, something few of them seem willing to give U.S. President Donald Trump thus far.
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The question is, how long can Iran hold out while U.S. warships blockade its main source of government revenue?
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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.
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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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