The global instability due to the war in Ukraine has finely started to effect mortgage rates. There have been a lot of changes in the past month and they are now starting to hit the financial markets. Bond yields which effect fixed mortgage rates have steadily started to rise since the start of the month and as a result have increased the fixed 5 year mortgage rate by 55 basis points since the 1st of the month. The bank of Canada has also changed prime rate for the 1st time in 2 years this month as well increasing the overnight lending rate by 25 basis points.

So the reason that I am bringing up rates today is that the spring is typically the busiest time of the year to purchase real estate, if you are planning to purchase a home … Read more