The hot topic of the day is mortgage interest rates. While nothing things seems to be steady in this area, here is a brief recap of the latest happenings with regards to rates.

Fixed mortgage rates: Fixed mortgage rates have been up and down since last July and for the most part have been sitting between 5% – 5.5% for this time. There are periods of time where they have dropped below this and have also been above this range for a small portion of time as well. In the end though they have been fairly stable for a year.

Variable mortgage rates: Variable mortgage rates have been fairly flat this year compared to last year despite the latest ¼% increase. The Bank of Canada claims they are combating inflation with interest hikes however after a year and a half of elevated rates this is not the case. We strongly feel inflation is mostly tied to supply issues and until this is resolved further interest rate hikes will not solve the problem.

US Fed pauses rate hikes: Rate hikes south of the border were paused this last week. This is good news for borrowers and the economy alike. Stock markets responded favourably to this news as well. It remains to be seen what they do in the future however we are hoping Canada will in turn follow course.

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