Mortgage Market Update: What You Need to Know

We’ll dive deeper into the latest inflation data soon, but for now, here are a few key updates to get you through your morning coffee.

What’s Happening in the Mortgage World—And Why It Matters

1. June 2026 Will Be the Biggest Mortgage Renewal Month Ever

Nearly 200,000 mortgages will be up for renewal, making it one of the busiest months in history. Expect longer wait times and potential service delays at the banks as they handle the surge. This is the time to plan ahead and book with us. Contact me for a second opinion.

2. Higher Rates for 60% of Renewals—But There’s a Silver Lining

Approximately 60% of those renewing will face higher rates, but rising incomes and reduced principal balances should help offset some of the financial impact. If you’re set to renew, now is the time to start planning.

3. Inflation Is Up—And That Could Push Rates Higher

Inflation came in at 2.6%—higher than expected—which typically puts upward pressure on interest rates. If you’re considering a new mortgage or renewal, locking in a rate now could be a smart move. Let’s discuss your options.

4. 5-Year Fixed Rates Are Hovering Around 3.99%—With Some Even Lower

Some banks and lenders are offering 3.99% for insured 5-year fixed rates, while others are quietly providing even better deals. However, these rates are primarily for high-ratio mortgages (less than 20% down), and they often come with significant penalty risks. Make sure to read the fine print before committing.

5. Fewer Variable-Rate Mortgages Are in Negative Amortization

The number of variable-rate mortgages that were stuck in negative amortization has dropped by 60% since its peak in 2023—a welcome sign that homeowners are regaining financial stability.

What This Means for You

The mortgage market is shifting, and planning ahead could save you both stress and money. Whether you’re renewing soon or just exploring your options, now is the time to strategize.

Let’s talk.

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