Borrowers are often told that different things drive fixed and variable mortgage rates. The Bank of Canada guides variable rates, mortgagors are told, while the bond market steers fixed rates.

That's largely true, but fixed and variable rates are actually more siblings than distant cousins.

Canada's FINTRAC rules have hit the mortgage broker industry like a piano falling from the sky. Almost three weeks after FINTRAC started in the mortgage industry, we're getting emails from brokers at top brokerages still confused about their obligations. This includes brokerages that tout their compliance records, which shall remain nameless. It's a good thing no one's getting audited for a while because industry failure rates might be north of 1 in 4.

Some banks are hawking popular 3-year terms for 4.14% to 4.29%, or even less for fat loan amounts.

In some instances, for strong borrowers with $600,000+ loan amounts, leading status brokers are getting 3.99% on discretion. We've seen multiple commitments at that rate in the last 10 days. Select banks have been that generous even for uninsured mortgages.