Canada’s job market just face-planted for a second straight month, with steep job losses and rising unemployment slashing the odds of a near-term Bank of Canada rate hike.
Bond yields took the hint and fell immediately, which takes pressure off fixed mortgage rates.
And we could use the break. Fixed pricing has been on a tear for the last month. All told, locking in now costs about 50 basis points more than it did in mid-September.
Based on nationally-advertised offers, mortgage shoppers are now looking at starting rates of:
- 4.39 per cent for a three-year fixed (insured)
- 4.59 per cent for a three-year fixed (uninsured)
- 4.29 per cent for a five-year fixed (insured)
- 4.79 per cent for a five-year fixed (uninsured)
- 3.30 per cent for a five-year variable (insured)
- 3.64 per cent for a five-year variable (uninsured)
Most economists expect the Bank of Canada to sit on its hands in October, though energy-driven inflation keeps the possibility of a December move alive.
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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