Market Update
From Last Week:
The fixed mortgage rates are rising again due to the bond yields rising. I am not sure if this is a blip or not, perhaps things will stabilize and the rates may fall some time in the future. We will not see the 3.69% level anymore though.
The variables are still amazing rates but you will see the fixed rates as high as 4.49% now. CMHC indicated that they feel the fixed rates will continue to rise over the next 3 yrs to perhaps as much as 8% ( posted rates - less 1.5% likely discount), other economists feel the increase would be closer to 6%.
If you are really concerned you can lock in OR hang tight on variable even if the prime went up by 2-3% your rate would be very good.