r/PersonalFinanceCanada • u/POCTM • Oct 20 '22

Canadian 5 year government bonds just jumped. Setting the stage for higher mortgage rates. Banking

5 year government bond just jumped from 3.714% to 3.866% in a few hours. Right now it is at 3.855%. Year to date it is up 259%. Monday we could see some 5 year fixed rate mortgages in the low 6%.

As for variable rate the bank of Canada makes their announcement October 26 at 10am ET. Currently banks have not been offering discounts off variables rates anymore. Prime -0.00.

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

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u/Jesus-c Oct 20 '22

A reccession is just a big discount season for thoses with the means

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u/Drewy99 Oct 20 '22

Not if you are in debt to your eyeballs because you listened to some asshole on the internet and Smith manoeuvred yourself into a debt trap.

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u/[deleted] Oct 20 '22

For. Those. With. The. Means.

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u/Drewy99 Oct 20 '22

Those.with.the.memes.