Easing inflation, a weakening economy or more destabilizing economic policy from the U.S. could all bring mortgage rates down.Sean Kilpatrick/The Canadian Press
Fixed-rate mortgages have been on a steady march upward this summer.
The lowest advertised five-year fixed mortgage bottomed out at 3.64 per cent in mid-April, but now is priced 40 basis points higher at 4.04 per cent. (There are 100 basis points in a percentage point.)
Will rates go back down? Victor Tran, a mortgage expert affiliated with Rates.ca, said it’s possible that the cheapest fixed mortgage rates are behind us.
However, easing inflation, a weakening economy or more destabilizing economic policy from the United States could all be factors that would bring mortgage rates down again.
In the meantime, Mr. Tran said, sticky inflation is one of the main factors bringing both bond yields and fixed mortgage rates up.
Mortgage rates are sourced by Ratehub.ca. For a comprehensive list of today’s mortgage rates for each term/type, visit ratehub.ca/best-mortgage-rates.
Ratehub.ca is a mortgage-rate comparison marketplace and mortgage brokerage. It helps millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products.
Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday.
