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Mortgage rates have been downtrending for a year and a half, and so far there’s little sign of that trend being broken.
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Bond traders, who heavily influence Canadian mortgage rates, are squinting at their screens — waiting to see if inflation from Trump’s tariffs will manifest in the economic data. It’ll take several weeks to know for sure, given the lags in price pass-throughs, ongoing trade negotiations and government reporting delays.
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For now, mortgage shoppers face a fork in the road:
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- Certainty (fixed rates) near four per cent, or
- A dice throw (variables) for 0.25 per cent more
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With Trump creating economic chaos and insecurity, paying extra to gamble on rates is appealing to fewer and fewer borrowers. And that’s despite the market expecting two more Bank of Canada rate cuts this year.
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As for this week’s mortgage leaderboard, there’s not much action to report, save for the insured one-year fixed. It fell 15 basis points over at Innovation Credit Union. Beyond that, the rest of the rate leaders hit the snooze button this week.
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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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