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Will the U.S. Federal Reserve Finally Raise Its Policy Rate, and What Impact Will That Prospect Have on Canadian Mortgage Rates?February 23, 2015
I used the holiday yesterday for its stated purpose so today’s post will be short and sweet.
Five-year Government of Canada bond yields fell by five basis points last week, closing at 0.73% on Friday. Five-year fixed-rate mortgages are offered in the 2.69% to 2.59% range, and five-year fixed-rate pre-approvals are available at rates as low as 2.79%.
Five-year variable-rate mortgages are still available in the prime minus 0.65% to prime minus 0.80% range, depending on the terms and conditions that are important to you. (As a reminder, the prime rate recently fell to 2.85%.)
The Bottom Line: There is little to suggest that our fixed and variable-mortgage rates will head higher any time soon. As such, rates should remain at or below their current levels for the foreseeable future.