The borrowing cost gods have spoken — and decided we can afford more.
For most terms this week, the lowest fixed mortgage rates climbed yet another five to 10 basis points.
That follows a similar upward move in Canada’s trendsetting five-year government bond yield.
Deals in the three most popular terms break down like this:
Three-year fixed
Insured : You’ll find 4.14 to 4.19 per cent at online discounters like Ratebuzz (Ont. only) and Butler Mortgage (Alta., B.C., Ont.)
Uninsured : You’ll find 4.19 to 4.34 per cent at credit unions and discounters
Five-year fixed
Insured : Affinity Credit Union in Manitoba is the last lender in the country under four per cent on a fixed term , given its 3.99 per cent offer. In other provinces, expect to pay at least 15 basis points more.
Uninsured : Apart from those hyper-competitive Manitoba credit unions , if you can score a rate near 4.49 per cent, plus or minus 10 basis points, you’re doing well for yourself.
Five-year variable
Insured : Butler Mortgage (Alta., B.C, Ont.) leads all comers at 3.25 per cent , with national providers five to 15 basis points higher.
Uninsured : Ratebuzz (Ont.) is at 3.45 per cent with other regional providers 10 to 15 basis points higher, and major banks at 3.55 per cent, give or take.
For now, fixed rates are moving in one direction, and it’s the one borrowers dislike. So if you’re planning to lock in, today is better than tomorrow.
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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