Oil has surrendered its gains from the U.S.-Iran war and mortgage rates are starting to follow suit
Robert McLister: A shrinking inflation premium is dragging bond yields lower and fixed-mortgage funding costs are obediently following them down
Homes for sale in East Gwillimbury, Ont.Photo by Cole Burston/Bloomberg files
Article content
Oil has surrendered nearly every dollar it gained while the Americans and Iran were busy bombing each other.
or
Article content
That’s encouraging on several fronts, not the least of which is for mortgage rates.
Article content
We apologize, but this video has failed to load.
Try refreshing your browser, or
tap here to see other videos from our team.
We apologize, but this video has failed to load.
Try refreshing your browser, or
tap here to see other videos from our team.
Play Video
Article content
A shrinking inflation premium is dragging bond yields lower and fixed-mortgage funding costs are obediently following them down.
Article content
The declines are now manifesting in mortgage rates, with leading (unadvertised) big bank rates shedding 10 basis points on the week.
Article content
Article content
The most popular fixed term, the three-year, is now as low as 3.89 per cent for default insured borrowers at Butler Mortgage.
Article content
FP West: Energy Insider
SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Thanks for signing up!
A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of FP West: Energy Insider will soon be in your inbox.
We encountered an issue signing you up. Please try again
Interested in more newsletters? Browse here.
Article content
You’ll find leading uninsured offers for 10 to 20 bps more, depending on your province, from providers like Ratebuzz (in Ontario), Assiniboine Credit Union (in Manitoba), Coast Capital (in B.C.) and Citadel Mortgages (in most other places).
Article content
In the floating-rate market, the lowest advertised rates were unchanged on the week. The cheapest variable offers remain around prime minus 1.0 to 1.1 per cent (3.30 to 3.40 per cent) and up for insured borrowers.
Article content
For uninsured variables, you’ll pay at least 20 to 40 basis points more, depending on where you live.
Article content
Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.
Article content
Looking to save on your mortgage?
Article content
For the best national insured and uninsured mortgage rates, updated daily, please visit our mortgage rate page here.
Article content
Trending
News 2. Condo fees are out of control. Here's how buyers can keep them in check
Banking 5. Posthaste: The Bank of Canada should break with tradition and start forecasting interest rates, say these economists
News 6. Posthaste: Most Canadians would happily part with 9% of their salary to secure a pension and their retirement, says survey
Share this article in your social network
Share this Story : Financial Post
Email
X
Reddit
Pinterest
LinkedIn
TumblrYou must be logged in to join the discussion or read more comments.
Join the Conversation
Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.
Notice for the Postmedia Network
This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.
OK
You've reached the 20 article limit.
You can manage saved articles in your account.
and save up to 100 articles!
Looks like you've reached your saved article limit!
You can manage your saved articles in your account and clicking the X located at the bottom right of the article.
xd