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Fixed mortgage rates keep rising, and could continue as bond yields near 4%

Author: 
Steve Huebl
Publication date:
July 7, 2023
Article Summary: 

Bond yields have been rising steadily, leading to higher fixed mortgage rates in Canada. The Government of Canada 5-year bond yield flirted with a key technical level of 4%, and mortgage providers have been hiking their rates on a near weekly basis. This has resulted in 5-year fixed rates being in the 5-6% range, and shorter-term fixed rates also climbing into the 6-7% range. If bond yields rise above 4%, it could lead to even higher fixed rates in the coming weeks. As a result, borrowers are considering whether to opt for fixed or variable rates, with the outcome depending on future Bank of Canada rate expectations and inflation trends.

Keywords: 

Fixed mortgage rates, bond yields, 5-year bond yield, interest rates, inflation, Bank of Canada, fixed vs. variable rates, mortgage providers, stress test rate, 3-year fixed rate.

Source Citation: 
Steve Huebl
Fixed mortgage rates keep rising, and could continue as bond yields near 4%
July 7, 2023
https://www.canadianmortgagetrends.com/2023/07/fixed-mortgage-rates-keep-rising-and-could-continue-as-bond-yields-near-4/
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