The British Columbia Real Estate Association's Chief Economist, forecasts the average five-year fixed rate in 2014 to be 5.5% with the one-year mortgage rate at 3.4% as a result of the Canadian economy accelerating and related bond market activity. The Canadian five-year bond yield climbed to 2.3% in September representing a two-year high. As this bond yield is a key benchmark for five-year fixed mortgage rates the upward trajectory of mortgage rates in 2014 will be lead by the acceleration of the Canadian & US economy and bond price tightening.
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