A look at this week’s available mortgage rates on fixed and variable terms and HELOCs
On the insured side, rates remain much lower. A one-year insured term at the current rate leader, QuestMortgage, will run you 4.64 per cent. That’s 110 basis points lower than if you didn’t purchase default insurance. That wide spread is quite unusual and a reflection of how much lenders value government-backed default insurance when lending out their money.
Looking ahead, remember that bond yields generally lead fixed mortgage rates. Once economic data confirm that inflation risk is meaningfully subsiding, bond yields will drift lower. Problem is, short-term yields will fall slower than longer-term yields. That’s an annoyance for borrowers who want to lock in for just a year and then ride rates lower in 2024. For at least the next six to 12 months this phenomenon should keep one-year fixed rates high relative to longer-term fixed mortgages.
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