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Or sign-in if you have an account.Average five-year fixed-mortgage rates rose in June to 4.57 per cent from 4.49 per cent among the big banks. Photo by Shaughn Butts /PostmediaSubscribe 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 AccountorCanadian homebuyers should be winners because of declining home prices, but rising mortgage rates are robbing them of that win, says a new Rates.ca report.Buyers in June needed more income to qualify for bigger mortgages, even in cities where prices fell, as affordability worsened in 11 of 13 of Canada’s largest housing markets.“Normally, lower home prices help improve affordability by reducing the size of the mortgage buyers need to qualify for,” the report said. “However, in June, the increase in borrowing costs had a greater impact than falling home prices in most markets.”Average five-year fixed-mortgage rates rose in June to 4.57 per cent from 4.49 per cent among the big banks, pushed up by higher Government of Canada bond yields. The increase also pushed up the mortgage stress test qualifying rate.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.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 Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againPrices fell in Vancouver, Victoria, Edmonton, Toronto, Ottawa and Fredericton, but rising mortgage rates still increased the amount of income needed to qualify.For example, in Vancouver, the average home price dropped $1,600 in June from May, but monthly mortgage payments rose $37, while the annual income required to qualify rose $1,200 to $226,400.Affordability took a double whammy in Calgary, where home prices rose by $4,000, helping to push both a monthly increase of $44 in mortgage payments and the amount of annual income needed to qualify for a mortgage up $4,670 to $125,770.Prices, mortgage payments and income requirements also rose in St. John’s, NL, Regina, Montreal and Winnipeg.Rates.ca arrived at its calculations using the Canadian Real Estate Association‘s average home price, a 10 per cent down payment, a mortgage with a 25-year amortization period, property taxes of $4,000 a year and monthly heating costs of $150.“Halifax was one of only two cities where affordability improved in June, and by the widest margin, driven by a substantial $11,400 decline in the average home price,” the report said.Monthly mortgage payments in Halifax’s capital fell by $35 and income requirements dropped by $1,400 a month.Hamilton was the only other city where affordability improved, though by a much narrower margin. Mortgage payments dropped just $3 a month.“With housing prices stabilizing and fixed borrowing costs facing upward pressure from continuing geopolitical tensions and shifting trade dynamics with the U.S., housing affordability is unlikely to improve significantly for the remainder of the year,” the report said.Rates.ca isn’t the only one warning about housing affordability.Royal Bank of Canada Economics on June 26 that housing prices have likely bottomed and income growth will have to do “a lot of the heavy lifting” if affordability is going to continue to improve. Sign up here to get Posthaste delivered straight to your inbox.U.S. refiners are ramping up diesel production to near-record levels, bucking seasonal trends as the Russia and Iran wars trigger a global supply crunch.Refiners have produced an average of 5.3 million barrels of distillate fuel oil — which is predominantly diesel — every day this month, according to data from the United States Department of Energy. If that pace continues, it will be the most diesel the U.S. has ever made in the month of July, and one of the highest months on record outside of winter heating season.Profit margins for making diesel from crude oil in the US and Northwest Europe have already surged to all-time highs.Read the full story here.Today’s Data: CFIB Business Barometer, Canadian retail sales for May, Bloomberg July United States economic survey, initial and continuing jobless claims, Chicago Fed National Activity Index, Kansas City Fed Manufacturing IndexEarnings: Teck Resources Ltd., A&W Food Services of Canada, Mullen Group Ltd., IMAX Corp., Winpak Ltd., FirstService Corp., Dow Inc., Blackstone Inc., Honeywell International Inc., Lockheed Martin Corp., Harley-Davidson Inc., Nasdaq Inc., Intel Corp., Ovintin Inc. Kevin’s plans for his life were upended when his wife died last year. Now he has re-evaluated his priorities and wonders if he can retire in a year when he turns 54 to spend more time with his children, both of whom are in university. With an investment portfolio worth $900,000, will his savings last his lifetime? Read FP Answers here to find out if his plan will work.Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters 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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