After the rise in bond yields during December, lenders have started to rattle the chains on 5 year rates. 5yr yield is hovering precariously below the 15 month highs set in September/ October at 2.74%. See the following chart:
http://www.bloomberg.com/apps/quote?ticker=GCAN5YR%3AIND
This will be the third attempt at crossing the 2.90% mark as as most investors and chart analysts will tell you, the third times a charm! So how do we know which way things will run?
Most lenders are waiting for the US and Canadian jobs reports due out on Friday morning.
If the job numbers are good, rates will be going up!
If they are bad, rates will probably hold steady.
If I were in the market right now I would be asking my mortgage professional for a rate hold on Thursday just to hedge your bet.
Peter McKinnon
peter_mckinnon@centum.ca
www.peterlmckinnon.com
604-506-6789
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