Fixed Mortgage Rates Continue to Climb
Fixed interest rates keep climbing and they are not showing any signs of slowing down. The bond yield determines the movement of fixed mortgage rates and as you can see from the image below the yield is increasing.
As of last week, we broke through the 3% level and are now charging towards bond yields of 3.60%.
If the bond yield maintains this level throughout the week we will see a sharp increase in mortgage rates by Friday and into next week.
Expect rates to move into the low 5% range across all fixed mortgage products.
The best rates on the market are being offered through credit unions. Credit Unions tend to be slower in increasing their interest rates when compared to the big banks.
Big Banks – TD, Scotia:
- Insured: 4.84%
- 3-yr: 4.64% – 4.69%
- 4-yr: 4.74% – 4.84%
- 5-yr: 4.84% – 4.99%
- Variable: Prime – (0.20% – 0.40%)
Credit Unions – Coast Capital & Prospera:
- Insured: 4.23% – 4.64%
- 3-yr: 4.33% – 4.59%
- 4-yr: 4.43% – 4.74%
- 5-yr: 4.48% – 4.84%
- Variable: Prime – (0.36% – 0.50%)
Are you thinking about purchasing or renewing your mortgage before October 11, 2022?
You can secure today’s low interest rate for the next 120-days. For more information let’s connect!