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 EstateMortgagesMortgage RatesIf your mortgage offer starts with a 3, it isn't too high to lock inRobert McLister: Big Banks are faster to hike than to cut, and are still waiting to see if the latest yield spike will lastLast updated 30 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Homes can be seen in this aerial photograph taken above Toronto, Ont. Photo by James MacDonald/Bloomberg filesOil prices cracked US$100 a barrel again this week, rekindling inflation worries, lifting bond yields and prompting a smattering of small lenders to hike fixed mortgage rates.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 AccountorBut we’re still not seeing a major response from Big Six banks, which directly or indirectly dictate pricing for more than four out of five mortgages in this country.Banks are notoriously slow to change rates. They want proof a yield trend has staying power before making big pricing moves.Moreover, they didn’t trim rates much when oil prices plunged last month, so they have less of an excuse to hike at the moment.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.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 FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThat said, banks lift faster than they cut — funny how that works — so if Canadva’s five-year yield closes at a new multi-year high (it sits roughly 18 basis points shy as this is written), expect higher fixed rates to follow.Meanwhile, sub-four-per-cent fixed offers for two-, three- and five-year mortgages are still advertised at online brokers and certain credit unions.Any rate that starts with a three, or close to it, is historically fair. If you look at the last ten years, the lowest advertised five-year fixed rate has averaged about 3.70 per cent. Hence, for borrowers where locking in is appropriate, no one should avoid doing so on the theory that rates are “too high.”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. 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