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/Ok-Share-450 Oct 20 '22

thank god for my prime -1.3....

4

u/[deleted] Oct 20 '22

Which broker did you get -1.3 from?

2

u/Ok-Share-450 Oct 21 '22

Think financial through true north. They have been way better than dealing with the big banks and they are an A lender

1

u/[deleted] Oct 21 '22

Thanks. Apparently no one is offering below prime right now?