Mortgage Rates Canada - November 2022 Update - Fixed Rates, Variable Rates UP

#CanadaMortgageRates #CanadianRealEstate #canadarealestate

Canada’s fixed mortgage rates are up this month in November, despite the market expecting a pivot coming from the Bank of Canada. At the same time, Canada’s mortgage costs have skyrocketed upward, hitting their highest point in 30 years.

Rates:

Best Insured Mortgage Rate, Fully Featured in September 2022: 4.49 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in October 2022: 5.04 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in November 2022: 5.29 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in November 2022: Variable – P-1.05 – or 4.9

Best Insurable Mortgage Rate, Fully Featured in September 2022: 4.79 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in October 2022: 5.24 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in November 2022: 5.39 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in November 2022: Variable – P-.5 – or 5.45

Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in September 2022: 5.24 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in October 2022: 5.54 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in November 2022: 5.44 on a Five Year Fixed
Best Uninsured Mortgage Rate, Fully Featured in November 2022: Variable – P-.5 – or 5.45

LINKS:

Canada 5 Year Government Bond:

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

Central Banks Must Stick to Hikes as Economy Slows, OECD Says:

https://www.bnnbloomberg.ca/central-banks-must-stick-to-hikes-as-economy-slows-oecd-says-1.1849706

Fed’s Bullard says rate hikes have had ‘only limited effects’ on inflation so far:

https://www.cnbc.com/2022/11/17/feds-bullard-says-rate-hikes-have-had-only-limited-effects-on-inflation-so-far.html

Mortgage Interest In Canada At A 30-Year High:

https://ca.finance.yahoo.com/news/mortgage-interest-canada-30-high-143700130.html

'Every option is on the table' as Canadians face higher variable-rate mortgage payments:

https://www.ctvnews.ca/business/every-option-is-on-the-table-as-canadians-face-higher-variable-rate-mortgage-payments-1.6147449

Average Canadian house price hits $816,720 — up 20% in past year:

https://www.cbc.ca/news/business/crea-housing-february-1.6385274

Canadian Real Estate Association National Statistics:

https://creastats.crea.ca/en-CA/

Fed's Daly says 'premature' to rule out another 0.75% rate hike:

https://finance.yahoo.com/news/feds-daly-premature-another-75-rate-hike-210718212.html

Mark Mitchell – Mortgage Broker London Ontario
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