Canada mortgage rates will most likely be going up this spring.
The 5 year yield rose about 0.5% over the past two months. While the 10 year yield rose about 0.7% since the start of 2021.
We are starting to see lenders raise their mortgage rates which is normal and expected. For those borrowers that are looking to buy in the next few months I suggest you lock-in your rates with your lenders. This is usually free of charge and rates can be held for up to 120 days.
*Data and graph from Bank of Canada website.