some bond yields have tumbled more than they have in decades. This week’s developments could push mortgage rates lower, and sooner than expected in Canada
The recent failure and near-failure of some U.S. and global banks have sent shock waves through bond markets.
Five-year government yields are down about half a percentage point in nine days. They may bounce a bit but it’s unlikely they’ll exceed this year’s high given the slowing effect of rate hikes and heightened risk in the global banking system. In turn, this all raises the probability of a North American slowdown, which markets were already pricing in. If inflation follows economic growth lower, as anticipated, rates will drop sooner than most predicted just a week ago.You might have noticed an uptick in headlines about real estate bidding wars lately. That’s no coincidence.
Take MCAP for example. It just dropped a new four-year fixed special on Thursday, starting at 4.64 per cent. That made it the lowest fixed rate of any national lender.
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