War adds ‘uncertainty premium’
1.4 million Canadian mortgages face higher costs as war-driven bond yields lift fixed rates
Three‑ and five‑year fixed mortgage rates jumped by about 0.5 percentage points in just three weeks last month as bond yields reacted to the conflict in the Middle East, according to CBC News, which cited Toronto mortgage broker Marshall Tully.
He said “unfortunately, it’s possible that trend could continue.”
Tully said “many people are coming into their renewals totally blind and thinking that rates just keep coming down or holding,” even as costs rise.
As of April 2, the average five‑year fixed mortgage rate sat around 4.95 percent, up from closer to 4 percent only weeks earlier, with the three‑year fixed at 4.59 percent and the average variable rate at 4.2 percent.
Tully told CBC News that now is a good time to lock in, saying “the easiest thing you can do is get a rate hold — and many people don’t realize they have the ability to do that.”
Full Read:
- wealthprofessional.com
For mortgages and Living benefits.
Take control of your financial future by
Scheduling An Appointment,
with aDiamondMortgage here, today.