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After the Bank of Canada warmed a little more to the thought of rate hikes this week, various government bond yields shot to multi-year highs.

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Fortunately, mortgage rates did not.

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Apart from a five-basis-point drop in the leading insured variable rate, there’s little to report on our national rate leaderboard this week.

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Despite tighter margins, the trendsetting lenders aren’t pulling the trigger on fixed-rate hikes yet. No lender wants to be the first to raise rates in a market where homebuyers already have no shortage of reasons not to buy.

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Macro numbers did give rate shoppers some relief on Friday, however. Statistics Canada reported that our job market weakened, shedding an estimated 42,000 jobs after gaining 181,000 in the previous three months. And while virtually nobody roots for a weak jobs report, people shopping for a mortgage sometimes make exceptions.

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Mind you, the fixed-rate leading five-year yield was down only three basis points after the news, reminding us that the ongoing uptrend in rates is driven by larger forces than Canada’s employment numbers.

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

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