Canada’s mortgage rate scene quiet this week but not dead

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This week, Canada’s mortgage rate scene was as quiet as a bank vault on Christmas Day. Only one national mortgage rate leader tweaked its offers since last Thursday. That was on the two-year insured fixed, which rose one-tenth of a percentage point to 4.74 per cent.

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But that doesn’t mean the mortgage market itself is dead. Lenders and mortgage brokers report above-average volumes for December, thanks to Bank of Canada rate cuts and recent credit easing by the Department of Finance and our bank regulator.

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With government bond yields shooting higher, we might see more action in the last few days of December, particularly from folks trying to lock in a rate.

Oh, and one more thing: If you’re seeking an insured fixed mortgage, we continue to see tremendous 3.99 per cent offers from provincial lenders like ATB Financial in Alberta and Community Savings and Vancity in B.C. Fixed rates could see renewed interest if rates start trending higher.

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Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister. 

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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.

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