Toronto Mortgage Rate Watch
Toronto Mortgage Rates have been falling over the past week. Why you might ask? As I have mentioned in the past, Canadian fixed mortgage rates are driven by Canadian Government Bond yields which banks use as a benchmark for setting rates.
As you can see by the above chart, Canadian Bond Yields have been falling for the past two weeks or so due to unrest in Libya and the Japanese Earthquake and resulting tsunami. The unfortunate events in other parts of the world actually have a positive affect on Toronto’s Mortgage Rates.
You can also see I have drawn a “Resistance” line across the graph. This level has proven to be a resistance point in the past. I will watch to see if yields creep above this line in the coming weeks as a substantial cross above will be a sure indicator bond yields are on the rise again and Toronto Mortgage Rates could follow. Is your Toronto Mortgage Broker watching rates on your behalf?
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