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Bond Yields Are Nearing 5%: What It Means for Your Mortgage and HELOC

  Published September 11, 2026 Something is happening in the bond market this week that matters more to your wallet than the daily swings in the TSX. The yield on the 10-year US Treasury note closed in on 5% on Friday — 4.95% , its highest level since 2023 and approaching territory not seen since 2007 — after climbing 18 basis points in a single week. Canadian bond yields have followed the same path: the 10-year Government of Canada bond hit its highest level in over two years earlier this month, and the 5-year bond — the one that actually sets your fixed mortgage rate — has drifted up to roughly 3.41%, about a quarter-point higher than it was a month ago. If you're renewing a mortgage, shopping for a HELOC, or just trying to figure out whether now is the moment to lock in, here's what's actually going on and what it means for your payments. Why bond yields, not the Bank of Canada, are driving fixed rates right now It's a common mix-up: people watch the Bank of Canada...
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TD to slash jobs after disappointing earnings report


The Toronto-Dominion Bank (TD) announced that it will cut an unspecified number of jobs as part of a restructuring plan to reduce costs and improve efficiency. The move comes after the bank reported lower-than-expected earnings for the fourth quarter of 2023, amid rising expenses and higher provisions for credit losses.

According to its financial results, TD earned $3.2 billion, or $1.72 per share, in the quarter ended Oct. 31, down from $3.5 billion, or $1.87 per share, a year earlier. Analysts had expected earnings of $1.79 per share, according to Refinitiv. The bank’s revenue increased by 4 per cent to $11.8 billion, but its expenses rose by 7 per cent to $6.9 billion. The bank also set aside $1.1 billion for bad loans, up from $891 million in the same period last year.

TD’s chief executive officer Bharat Masrani said the bank is facing “a challenging and uncertain environment” due to the COVID-19 pandemic and its impact on the economy. He said the bank is taking “decisive actions” to adapt to the changing conditions and position itself for long-term growth. He did not provide details on how many jobs will be affected by the restructuring, but said the bank will offer support and transition assistance to the impacted employees.

TD’s disappointing earnings contrast with the strong performance of its peers, such as Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Montreal and National Bank of Canada, which all beat analysts’ estimates and raised their dividends in the fourth quarter. TD was the only one of the Big Six banks that did not increase its dividend, keeping it at 79 cents per share.

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