Chris Stewart

NEWS

As of today (June 14, 2022) at 11:28 AM EDT the Canada 10 Year Government Bond Rate was at 3.564%. That is a current uptick of 0.046 from this morning. The 10 Year Bond has been on the rise for quite sometime and its rise is getting steeper. Up 20 Bps since last Friday.

The Bond Rates relate to Fixed Mortgage Rates so with this continued increase, we are already getting notification that Fixed Mortgage rates will increase by midnight Wednesday. The next round of increases will push the fixed rates with most lenders above 5% which would be almost double from the start of the year.

In other related news, the US Fed is expected to increase their rates by 75 Bps later this week. Their inflation rate is currently 8.6%, the highest in 40 years.

Source: Canadian Mortgage Trends & TD Economics