Fixed rates inch upwards amid rising inflation concerns

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Photo by Paul Morden/PostmediaNationally leading fixed rates inched up again this week, taking a few more baby steps in the wrong direction.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe 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 TO UNLOCK MORE ARTICLESSubscribe 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.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate 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.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.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 AccountThe good news is, most lenders’ funding costs didn’t go up, so the pressure on fixed rates has eased a touch.That’s despite a big pop in oil and U.S. inflation.The bad news is funding costs rarely ignore inflation risk for long. And oil prices, as I type this, are ramping up again due to a certain president biting off more than he can chew.This advertisement has not loaded yet, but your article continues below.When it comes to mortgage terms, Canadians are still snapping up variable-rates. However, anecdotal data from Dominion Lending Centres Group, the nation’s largest mortgage originator, suggests the stampede may be slowing to a brisk trot. This month to date, 52.8 per cent of its prime borrowers chose to float, down from 57.1 per cent last month.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 againPart of that is growing inflation anxiety, and the fear it could translate into a higher Bank of Canada policy rate.As it stands, the market doesn’t fully price in the first hike until January, with four more pencilled in through early 2028.But five rate hikes totalling 125 basis points is just 15 to 25 basis points more than the average difference between fixed and variable rates.For that price, most borrowers figure they’ll roll the dice on a more flexible variable mortgage and hope the market is right.Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. 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