U.S Fed Chair Yellen Buys More Time and Bank of Canada Governor Poloz Makes Me Do a Double Take
September 22, 2014What the Latest U.S. Employment Data Mean for Canadian Mortgage Rates
October 6, 2014
This week’s post will be short and sweet because I spent the weekend running the Ragnar Adirondacks Relay Race with six of my close friends. We ran 197 miles (317 kilometres) non-stop over approximately 30 hours and were the first of 329 teams to cross the finish line (although staggered start times meant we were not necessarily the fastest team). Everything broke right for our motley crew, which included a five-time iron man, a sub three-hour marathoner and a Boston qualifier. We held together despite a mix of physical challenges for our runners leading up to the race, including a knee injury that required surgery, a partially torn hamstring, and a kidney infection, which makes it hard to process the lactic acid your body produces in abundance when you run six different legs on no sleep!
Congratulations to the runners of Boston Connection on a job well done.
Five-year Government of Canada bond yields fell eight basis points last week, closing at 1.63% once again on Friday. Five-year fixed-rate mortgages are available in the 2.79% to 2.89% range, and five-year fixed-rate pre-approvals are offered at rates as low as 2.94%.
Five-year variable-rate mortgages are available in the prime minus 0.80% to prime minus 0.65% range, depending on the terms and conditions that are important to you.
The Bottom Line: With last week’s drop in bond yields, the threat of an imminent rise in fixed mortgage rates has subsided for the time being. That said, financial markets are still uneasy and volatility can reappear quickly. Stay tuned.