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Oil prices have sprung off their June lows with gusto. Add in a firming economy, and these two factors are keeping bond yields stubbornly elevated.
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That, of course, is not what fixed mortgage shoppers want to hear, since fixed rates take their marching orders from the bond market.
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The real question is: how far does core inflation rebound given the recent surge in headline inflation (which usually leads core)?
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Gas prices cratered in June, so Monday’s Consumer Price Index (CPI) should deliver some headline relief. But gas futures have since staged a comeback, meaning July’s inflation number may not be so charitable.
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Add it all up, and you get one thing: mortgage rate risk.
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Borrowers looking to duck that risk are mostly grabbing three- and five-year fixed rates, which sat perfectly still this week.
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Regional providers like Ratebuzz (Ont.), Multi-Prets (Que.), Coast Capital (B.C.), Affinity Credit Union (Sask.) feature the lowest advertised fixed rates.
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Regionals rule the floating-rate market, too, with Butler Mortgage (Alta., B.C., Ont.) advertising Canada’s lowest mortgage rate: a remarkable 3.25 per cent (prime minus 1.20 per cent) variable offer for default-insured borrowers.
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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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