Fixed mortgage rates bump up again

Fixed mortgage rates took a little ride up today with both conventional and insured mortgage rates increasing, in part, due to pressure from bond yields rising. Conventional 5-year mortgage rates range from 3.04 (25-year amortization) to 3.09% (30-year amortization) with less than 35% home equity. Rates of 2.69% are still available with 35% or more in home equity (25-year amortization) or 2.79% (30-year amortization).

Home buyers with less than 20% down on purchases under $1M can still get rates of 2.69% (25-year amortization). Default mortgage insurance premiums will apply.

Bottom line, the Bank of Canada Benchmark Bond Yield (see graph below) is again, the pressure point, now 33.3% higher than September 12, 2019. This is a typical weekly rally, but edged up just enough to trigger rate hikes today.

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