Big banks finally blink and hike fixed mortgage rates

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeReal EstateMortgage RatesBig banks finally blink and hike fixed mortgage ratesRobert McLister: Suddenly Canada’s fixed-rate-leading five-year yield is at a 27-month highCanada's big banks this week hiked mortgage rates as bond yields continue to rise. Photo by Wikimedia CommonsMortgage shoppers and the bond market spent the week reminiscing about rock-bottom rates.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThat, as Trump’s Iran “skirmish” — a word that now apparently means “war with no end date” — sent oil prices moonbound.Toss in worries about pass-through to core inflation and mounting rate hike speculation, and suddenly Canada’s fixed-rate-leading five-year yield is at a 27-month high.Big banks, which held out as long as they could, finally had to lift fixed rates to offset soaring funding costs.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.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 againAll told, dozens of lenders across the country boosted fixed rates by roughly 10 to 15 basis points this week.The gap between fixed and variable is now growing. But that alone is no reason to float.If you flash back to February 2022, the fixed–variable spread ballooned to 140-plus basis points, and mortgage hopefuls were flocking into variables.A month later began the biggest rate-hike cycle in decades: 475 basis points, delivered in instalments for maximum emotional damage.In any case, as this is being written, fixed offers near or below four per cent still survive at online mortgage brokers — for insured mortgages, that is. (Add 25-plus basis points for uninsured.)Sample vendors with those rates include True North Mortgage, Butler Mortgage and Ratebuzz.About all I can say on today’s best fixed deals is, lock in pronto. It’s hard to brag about the rate you almost got.Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.For the best national insured and uninsured mortgage rates, updated daily, please visit our mortgage rate page here.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis 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.