Recently we noted that the favourite 5 year fixed term interest rates had jumped from historic lows - close to 3.5% - back up over the 4% mark. As you may know, fixed rate mortgages are priced from the bond market.
Here's a little more potentially unsettling news for you ...
The bond crept up 1 basis point and the Bankers Acceptance (BA) was up 2 basis points. It makes us wonder if the Bank od Canada will be able stay its course until next summer as was indicated.
Also, the spread between the 5 year bond and the average 5 year rate is much better than it has been. I hope that we will see some rate specials - like 30 day quick closing deals - over the next week or so.
Have a great day !
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