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As bond yields fall, mortgage providers are cutting fixed mortgage rates
Predicting rate moves lately has been a fool’s game
The move follows the recent decline in the 5-year Government of Canada bond yield, which typically leads fixed mortgage rates. “I think the economy will struggle from December to June 2023 and rates will trickle down,” he said. Responding specifically to the latest drop in bond yields, Butler mentioned that 5-year fixed rates could ultimately drop 25 to 30 bps.
A Stand-Off Between the Bank of Canada and the Government of Canada
To start off, a bit of good news for once: the average 5-year fixed rate mortgage has fallen over the last two months. Some qualified borrowers are now able to secure a rate as low as 4.89%. But of course, it is good news, so you probably didn’t see it reported in the mainstream media.
Here’s what you likely did see: the overnight rate went up by yet another 0.50% on December 7 to 4.25%. Another staggering increase at a time when most experts predicted rates would start levelling out. Not only is this rate hike significant – it’s actually record-breaking. A whopping 4.00% increase in just 9 months took us from some of the lowest rates of this century to the highest.
Mortgage News March 10, 2023 The latest in mortgage news: uninsured posted rates at decade-highs
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