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Mortgage rates delivered a little bit of everything this week.
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In the default insured market, we saw the leading nationally advertised five-year fixed rate slip five basis points to 3.69 per cent, with Nesto leading the way.
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Three-year fixed rates nudged up five basis points to 3.89 per cent, with True North Mortgage, being the lowest.
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Among uninsured nationally-advertised rates, five-year fixed rates went the wrong way, drifting up five basis points to 4.04 per cent, with Citadel Mortgages in the pole position.
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Ten-year uninsured rates slid 10 basis points to 5.24 per cent, not that any mortgage shoppers care. Uptake of terms beyond six years remains so modest it could pass for a rounding error.
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Overall, floating-rate borrowing costs are down 50 basis points in the last two months. Yet, variable mortgages only accounted for about three out of ten mortgage applications in October.
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(Side note: That estimate uses data from Canada’s largest mortgage originator, Dominion Lenders Centres Group, as a proxy for the latest numbers. Older, but official, government data from August showed variable uptake at 24 per cent.)
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Over in the land of fixed rates, pricing has improved far less in that same timeframe, roughly five to 20 basis points, depending on the term.
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That’s because fixed rates track the bond market, where yields are edging upward as traders prepare for the possibility that Bank of Canada cuts become just a fading memory.
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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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