Mortgate rates are racing ahead of Bank of Canada rates - MoneySense

Mortgate rates are racing ahead of Bank of Canada rates

Five-year fixed rates are near historic averages already.

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The major banks are offering five-year fixed mortgages for 6.25% and the rates keep rising, despite the fact that the Bank of Canada overnight rate hasn’t budged yet. In fact, according to Rob Carrick from the Globe and Mail, mortgage rates are already close to the ten-year average. Meanwhile, banks haven’t given much wealth back in the form of higher rates for GICs.

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