Fixed-rate mortgages have settled, with the lowest available three-year and five-year mortgages sitting in the high 3-per-cent range.JONATHAN HAYWARD/The Canadian Press
The case for another rate cut from the Bank of Canada just keeps getting smaller.
A report last week showed that the Canadian economy added 67,000 jobs in October. It was 5,000 more than anticipated, and it brought the unemployment rate down to 6.9 per cent from 7.1 per cent.
It’s hard to make a case for more rate cuts when the economy is doing that well, and markets have taken note.
Data from LSEG show that bond swaps markets have priced in a nearly 86-per-cent chance of a rate hold when the central bank convenes in December. Furthermore, there are low expectations of another rate cut any time in the next few months.
Variable-rate mortgages are making a comeback, but some economists are already predicting rate hikes
Variable-rate mortgage holders can expect their rate to stay stable for the foreseeable future. Fixed-rate mortgages have also settled as of late, with the lowest available three-year and five-year mortgages sitting in the high 3-per-cent range for many weeks.
There will be more clues on whether the Bank of Canada will indeed hold rates next week when Statistics Canada releases the Consumer Price Index report for October.
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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.
