Oil has surrendered nearly every dollar it gained while the Americans and Iran were busy bombing each other.
That’s encouraging on several fronts, not the least of which is for mortgage rates.
A shrinking inflation premium is dragging bond yields lower and fixed-mortgage funding costs are obediently following them down.
The declines are now manifesting in mortgage rates, with leading (unadvertised) big bank rates shedding 10 basis points on the week.
The most popular fixed term, the three-year, is now as low as 3.89 per cent for default insured borrowers at Butler Mortgage.
You’ll find leading uninsured offers for 10 to 20 bps more, depending on your province, from providers like Ratebuzz (in Ontario), Assiniboine Credit Union (in Manitoba), Coast Capital (in B.C.) and Citadel Mortgages (in most other places).
In the floating-rate market, the lowest advertised rates were unchanged on the week. The cheapest variable offers remain around prime minus 1.0 to 1.1 per cent (3.30 to 3.40 per cent) and up for insured borrowers.
For uninsured variables, you’ll pay at least 20 to 40 basis points more, depending on where you live.
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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