Mortgage Rate Forecast

With the election behind us and the fourth wave of Covid well underway, our bond market has been unstable but with a steady incline. Since this time last year the 5 year bond yield has increased from .37 to 1.10

This inevitably has driven up Canada’s fixed mortgage interest rates.

Variable interest rates have adjusted downward with the finance minister still forecasting no change to the overnight prime rate until inflation stabilizes which is anticipated at the end of 2022. This makes the variable rates very attractive for all types of financing. 

If you’re in the market for a fixed rate, now would be a fiscally responsible time to lock your interest-rate in for a new purchase or consider early renewing your existing mortgage.

We’re always happy to talk mortgage rates - please contact us with any questions.