For those not requiring short-term financing, one- and two-year mortgages are still too expensive
Three-year fixed terms are still the number one crowd-pleaser, with nationally leading offers at 4.84 per cent (insured) and 5.24 per cent (uninsured).
On the variable front, borrowers are crossing fingers for another Bank of Canada rate cut next month. Prospects of that took a big hit after disappointing inflation numbers on Tuesday. Average core inflation went the wrong direction, rising 0.15 percentage points to 2.85 per cent.
Forward rate data from CanDeal DNA now imply another rate cut by September, though July 24’s Bank of Canada meeting is still in play. There’s a pivotal jobs report next Friday and another crucial CPI release before the Bank decides.
Mortgage rates
The rates displayed below are updated by the end of each day and are sourced from the Canadian Mortgage Rate Survey produced by MortgageLogic.news. Postmedia and Imaginative.Online Inc., parent of MortgageLogic.news, are compensated by certain mortgage providers when you click on their links in the charts.