Fixed mortgage rates are climbing again this week, and if you’re buying or renewing soon, it might be time to lock in your rate.

Watch my video or read on for more details!

What’s Driving Fixed Mortgage Rates Up?

Fixed mortgage rates in Canada are closely tied to the bond market. When bond yields rise, lenders adjust their fixed rates accordingly. This week, we’ve seen bond market pressure build due to a mix of inflation data and uncertainty around federal fiscal policy, including the delay in releasing Canada’s federal budget.

Investors get skittish when inflation appears to be rising faster than expected or when governments delay important financial information. That nervousness gets reflected in bond yields, and fixed mortgage rates move up in response.

Why It Matters for Homebuyers and Renewals

Even a small increase in fixed mortgage rates, for example 10 or 15 basis points, can add up to thousands of dollars over the course of a five-year term. That’s why it’s important to act quickly if you’re shopping for a home or coming up for renewal.

A rate hold can give you some breathing room. It protects you from further increases while you finalize your purchase or explore your options.

What Should You Do Now?

If you’re in the market right now, or expect to be in the next few months, talk to a mortgage broker. Fixed mortgage rates may continue to rise, especially if inflation reports stay hot and global market uncertainty grows.

Whether you are preparing to buy your first home or thinking about making a move, if you’re looking to get pre-approved for a mortgage to buy a condo or other property in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.