Lowest fixed and variable mortgage rates in Canada for November 23 2023

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Mortgage rates dip as bonds tease four-month lows

Fixed mortgage rates continue deflating as bond yields continue to teeter near four-month lows.

Leading nationally advertised rates dropped on half the fixed terms I track this week, by an average of eight basis points. (A basis point is 1/100th of a percentage point.)

McLister: Flipping out: new home buyers offering discounts to escape deals

Variable rates are playing it cool. The best deals haven’t budged for four months. And they probably won’t until unemployment is well into the 6 per cent range and inflation is comfortably below 3 per cent.

Speaking of variables, they’re grabbing a bigger slice of mortgage market share. I suspect they’ll be the belle of the ball once the Bank of Canada swings the rate-cutting axe in 2024.

Rates were sourced from the MortgageLogic.news Canadian Mortgage Rate Survey on Nov. 23, 2023. We include only providers who advertise rates online and lend in at least nine provinces. Insured rates apply to those buying with less than a 20 per cent down payment or switching a pre-existing insured mortgage to a new lender. Uninsured rates apply to refinances and purchases over $1-million and may include applicable lender rate premiums. For providers whose rates vary by province, their highest rate is shown.

Robert McLister is an interest rate analyst, mortgage strategist and editor of MortgageLogic.news. You can follow him on Twitter at @RobMcLister.