Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeReal EstateMortgage RatesThe two things still tilted in borrowers' favourRobert McLister: If the war dragging on doesn’t inspire confidence in your inflation outlook and you want to lock in your mortgage rate, the news isn’t so bad You can save this article by registering for free here. Or sign-in if you have an account."Sold" signs are displayed outside of homes in Whitby, Ontario, Canada. Photo by Mark Sommerfeld/BloombergIn case you missed the latest episode of ‘As the Crude Barrels Turn,’ the oil market is still defying gravity.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorAnd that matters for mortgage pricing for one simple reason: because the bond market and Bank of Canada say it does.Oil is currently the top driver of inflation, inflation is the top driver of central bank policy and bond yields, and those are the top two string-pullers for mortgage rates.Thankfully, two things are tilting in borrowers’ favour.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againFirst, oil has yet to boost underlying Canadian inflation — at least by most official measures. Average core inflation plunged last month, nearly reaching the Bank of Canada’s two per cent goal. One can’t count on that continuing with US$100 oil, but a win is a win.Second, as these words are being typed, crude futures sit roughly where they closed on March 9, the day President Trump announced his war on Iran “is very complete” and “very far ahead” of his original four- to five-week projected timetable.That was two and a half months ago, so Trump is right on schedule… by Air-Canada-in-an-ice-storm standards.All that said, if this war dragging on doesn’t inspire confidence in your inflation outlook and you want to lock in, the news isn’t so bad. The sharpest fixed rates are only 15 to 30 basis points above where they sat when the war began.There’s still a handful of offers on our rate pages that even start with a three, which also counts as a victory these days.As for variable rates, slumping core inflation has improved the odds that floating-rate borrowers escape this year without a rate increase. But when you hear experts say “the Bank of Canada is probably not going to hike,” remember that experts also used to say, “the Earth is probably flat.”Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.For the best national insured and uninsured mortgage rates, updated daily, please visit our mortgage rate page here. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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