Bond yields surge to new heights, mortgage rates expected to jump another 20 bps

Ron Butler of Butler Mortgage has declared that the recent surge in bond yields this week, with the Government of Canada 5-year bond yield jumping to an intraday high of 4.46%, is not good news for mortgage providers who have been steadily raising mortgage rates. The only remaining discounted rates under 6% will be for default-insured 5-year fixeds, while two-year fixed terms are now all in the 7% range and 3-year terms are now starting to break the 7% mark. The biggest driver of this surge is due to markets re-pricing the “higher-for-longer

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