What Every Canadian Borrower Needs To Know About Fixed-Rate Mortgage PenaltiesApril 27, 2015
Do Current U.S. and Canadian Employment Trends Mean Higher Fixed-Mortgage Rates are Imminent?May 11, 2015
Today’s post will be shorter than normal because instead of writing yesterday I participated in the 35th running of the GoodLife Toronto marathon.
I would love to write more about my experiences as a runner over the past five years, which have been incredibly enlightening, challenging and rewarding. Alas, if I could find a twenty-fifth hour in the day!
Five-year Government of Canada (GoC) bond yields rose by eighteen basis points last week, closing at 1.05% on Friday. Five-year fixed-rate mortgages are offered in the 2.44% to 2.59% range, and five-year fixed-rate pre-approvals are available at rates as low as 2.69%.
Five-year variable-rate mortgages are available in the prime minus 0.65% to prime minus 0.80% range, depending on the terms and conditions that are important to you.
The Bottom Line: If the five-year Government of Canada bond yield continues to head higher this week we may start to see lenders raise their five-year fixed rates. Stay tuned.