Mortgage Rates Canada - Year End Update - Fixed Rates Down, Scotia Offers Cash for Locking In

#CanadaMortgageRates #CanadianRealEstate #canadarealestate

Canada’s fixed mortgage rates are down in December, lower than that of variable rates, with one of Canada’s biggest banks offering a $1,200 cashback option for clients who lock-in their adjustable rate mortgage.

Rates:

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 December 2022: 4.99 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in December 2022: Variable – P-1.05 – or 5.4

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 Insurable Mortgage Rate, Fully Featured in December 2022: 5.14 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in November 2022: Variable – P-.5 – or 5.95

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 Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in November 2022: 5.24 on a Five Year Fixed
Best Uninsurable Mortgage Rate, Fully Featured in November 2022: Variable – P-.5 – or 5.95

Links:

Bank of Canada's inflation fight made harder as bond yields fall:

https://www.reuters.com/business/finance/bank-canadas-inflation-fight-made-harder-bond-yields-fall-2022-12-15/

TREASURIES-U.S. yields decline as weak data backs Fed pivot narrative:

https://finance.yahoo.com/news/treasuries-u-yields-decline-weak-201309302.html

Bank of Canada raises interest rate to 4.25% in what may be the last hike:

https://financialpost.com/news/economy/bank-of-canada-interest-rate-1207-22

Canada 5 Year Government Bond:

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

Scotiabank targeted cash-back offer to switch to fixed-rate mortgage stokes internet maelstrom:

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-scotiabank-fixed-rate-mortgage-cash-back/

Scotiabank’s targeted cash-back offer for switching to fixed-rate mortgages is stoking the internet vortex:

https://canadatoday.news/ca/scotiabanks-targeted-cash-back-offer-for-switching-to-fixed-rate-mortgages-is-stoking-the-internet-vortex-183802/

Bank of Canada’s Macklem Says Raising Rates Too Little Is ‘Greater Risk’:

https://www.bloomberg.com/news/articles/2022-12-12/bank-of-canada-says-raising-rates-too-little-is-greater-risk

Home owners with variable-rate mortgages face difficult squeeze as interest rates rise, house prices drop, Bank of Canada warns:

https://www.theglobeandmail.com/business/article-variable-mortgages-trigger-rate-bank-of-canada/

Half of variable-rate fixed-payment mortgages have hit trigger rate: Bank of Canada:

https://ca.finance.yahoo.com/news/half-of-variable-rate-fixed-payment-mortgages-have-hit-trigger-rate-bank-of-canada-202048797.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAAbe8CkIwE-baXX1j5df6sBrhu7maLAKe21tUbYanyBD7zsnQDZ4TjF1wFg6P376lqYYOORB9y2WHxMObpzn6Rmx4acyztTROh5EsB3Xc7o6Bm4gIndQ-8SRgArXNtH4gxGcNV6NrDbynoCqjDPcPIWLfnew1TReEwBW2b7bQwlV

Scotiabank sees eight Bank of Canada interest rate hikes by end of 2023:

https://financialpost.com/news/economy/scotiabank-sees-eight-bank-of-canada-rate-hikes-by-end-of-2023

2022 Housing and Interest Rate Forecasts:

https://www.canadianmortgagetrends.com/2021/12/2022-housing-and-interest-rate-forecasts/

Mark Mitchell – Mortgage Broker London Ontario
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