The 5-year Government of Canada Benchmark Bond Yields have been on a steady climb since August 27th, rising 29 basis points in 13 business days, a 24.8% change during this timeline.
Bond yields are one of many benchmarks for pricing fixed rate mortgages, so when yields are on the rise, this puts pressure on financial institutions to make their move up as well.
Fixed mortgage rates are at their lowest point this year, so anyone seeking a mortgage renewal, refinance or pre-approved mortgage for a purchase should make their move now to lock in a rate. Combine this with the possibility market values may have reached bottom, and you could have the best of both worlds.
Have a great weekend!