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Not one mortgage rate budged this week on the national lenders leaderboard. A standoff like that doesn’t happen often.
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Lenders are mimicking the Bank of Canada and bond traders — perched on the fence, eyeing trade tensions and the Middle East like meteorologists waiting for the next pressure system.
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All of this has left bond yields — the puppeteers of fixed mortgage rates — riding a slight but bumpy three-month uptrend. Rates could zig-zag either way, but most economists are betting on sideways to down. This assumes no fresh disasters pop up and that Canada and the U.S. actually hammer out a trade deal both sides can stomach.
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Meanwhile, here are a few deals of note for default-insured mortgage shoppers:
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- Those looking for a short term — because they might be moving or need more flexibility — should give a second glance to True North Mortgage’s 4.04 per cent two-year.
- Ontarians who crave maximum cost-effective rate security might want to buzz over to Ratebuzz.ca and check out its 3.84 per cent five-year fixed. This term has more stability than a Swiss banker on melatonin.
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As for variable rates, they’re still a little iffy, with rate cuts playing hard-to-get. Forward markets are pricing in just one or two more Bank of Canada rate cuts for this cycle, and floating rates are higher to begin with. That’s not overly inspiring, as most mortgagors today aren’t in the “cross your fingers and hope” kind of mood.
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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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