Falling bond yields and fixed-rate mortgages are making life easier for Canadian borrowers GlobeInvestor
This housing market has nine lives, and I’m not sure which one it’s on.
The net effect: Payment burdens are easing for hundreds of thousands of borrowers. And even the mortgage stress test should get easier to pass once big banks decide to cut their five-year posted rates.This latest rate dip is largely thanks to the U.S. Federal Reserve. On Wednesday, it told the world that U.S. interest rate increases are virtually off the table this year. Fed officials nowGiven the almost 90-per-cent correlation between five-year U.S.
What banks are doing now is starting to compete more aggressively in “off-terms.” Royal Bank of Canada is one example with Canada’s lowest nationally available four-year fixed rate, 3.24 per cent. That’s not a shabby deal for a four-year, but most will gravitate to the more familiar five-year fixed or cheaper three-year, so RBC may not get much traction.Three-year fixed terms, which are now near or less than 3 per cent, are far more interesting.
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