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Bond yields jumped again this week as the commercial break in U.S.-Iranian “peace” ended, sending oil prices skyward.
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That was followed by Friday’s perky Canadian jobs report, which was of no help to rate cut dreamers.
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Meanwhile, with U.S. free trade negotiations stalled at the border and inflation still up in the air, nearly all indications point to flat or higher mortgage rates in the weeks ahead.
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For those who buy into this outlook and need long-term financing, fixed rates are holding steady. Five-year money is sitting just under four per cent for default-insured borrowers and in the low-to-mid fours for uninsured mortgages.
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The week’s only rate move worth mentioning came in the one-year default-insured space. True North Mortgage owns that market, and its chart-topping offer climbed 30 basis points to 4.29 per cent.
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On Wednesday we hear from the Bank of Canada, which will likely hold rates for the sixth straight time, given all the slack in the economy. Rate historians will note that the central bank can sit still longer than expected, with the record being 34 consecutive meetings starting in 2010.
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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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