Canada Fixed Mortgage Rates Jump Fast

Lenders raised fixed rates by up to 30 basis points after bond yields surged.
Canadian 5-yr bond yield ↑>60 basis points, topping 3.2%, triggering rapid repricing.
Fixed mortgage rates track bond yields, not just base interest rate.
Yield drivers: oil prices, geopolitical uncertainty, expectations of longer tight monetary policy.
Borrowers face higher costs: new loans, renewals, and ↓purchasing power.
Housing market already slowing with price corrections; high yields keep rates pressured.