Looking at the 5-year fixed rates at ratesupermarket.ca, it appears that we’ve hit new lows in May. The lowest rate is now 3.54% with True North Mortgage lenders — down from the 3.69% I was seeing at the beginning of the month.

5-year bond yields have been hovering at the highest level it’s been since the start of the year, so you have to wonder if lenders aren’t going to start getting less competitive with each other once the busy Spring real estate season ends.