Mortgage Rates Canada - August 2022 Update - Fixed Rates DROP for 2nd Month in a Row

#CanadaMortgageRates #CanadianRealEstate #canadarealestate

Canada’s Fixed Mortgage Rates fell for the second month in a row in August, even with expectations that the Bank of Canada will be raising rates by 50 or 75bps at its September meeting.

This has led some to believe a fixed rate mortgage is the better option compared with variable, as advantages to a variable rate mortgage evaporate quickly in an increasing-interest-rate environment.

Mortgage Rates:

Best Insured Mortgage Rate, Fully Featured in June 2022: 4.99 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in July 2022: 4.64 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in August 2022: 4.44 on a Five Year Fixed

Best Insurable Mortgage Rate, Fully Featured in June 2022: 5.39 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in July 2022: 4.99 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in August 2022: 4.79 on a Five Year Fixed

Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in June 2022: 5.39 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in July 2022: 5.24 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in August 2022: 5.24 on a Five Year Fixed

Links:

Lower Fixed Rates Could Be On the Way as Bond Yields Drop:

https://storeys.com/lower-fixed-rates-bond-yields-drop/

Canada 5 Year Government Bond:

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

Cooler inflation won't sway Bank of Canada from another jumbo hike in September, economists say:

https://financialpost.com/news/economy/cooler-inflation-wont-sway-bank-of-canada-from-another-jumbo-hike-in-september-economists-say

Variable? Fixed? Static? Picking the right mortgage as interest rates rise:

https://globalnews.ca/news/9056108/mortgages-variable-fixed-canada-housing-interest-rates/

RBC Mortgage Rates – Wayback Machine:

https://web.archive.org/web/20220205102106/https://www.rbcroyalbank.com/mortgages/mortgage-rates.html

Average home price in Canada hit a record $816,720 in February:

https://globalnews.ca/news/8683646/canada-housing-prices-crea/

Canadian Inflation Jumps to 3.7%, Creating Trouble for Trudeau:

https://www.bloomberg.com/news/articles/2021-08-18/canadian-inflation-jumps-to-match-highest-level-since-2003

Mark Mitchell – Mortgage Broker London Ontario
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