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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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Suspected Houthi Rebel Missile Sets Cargo Ship Ablaze in Gulf of Aden

 

On Thursday, a suspected missile attack by Yemen’s Houthi rebels ignited a ship in the Gulf of Aden, while simultaneously, Israel intercepted what appeared to be another Houthi attack near the port city of Eilat.

In the Gulf of Aden, two missiles were fired, leaving an unnamed ship ablaze. The British military’s United Kingdom Maritime Trade Operations center confirmed the incident but provided no further details about the vessel. However, ship-tracking data analyzed by The Associated Press identified the burning vessel as the Palau-flagged cargo ship Islander. This ship had been en route from Thailand to Egypt and had previously sent out messages indicating “SYRIAN CREW ON BOARD” in an attempt to avoid being targeted by the Houthis.

Meanwhile, sirens blared over Eilat early Thursday morning, followed by videos posted online showing what appeared to be an interception in the sky. The Israeli military later clarified that the interception was carried out by its Arrow missile defense system. Although the origin of the fire remains undisclosed, the Arrow system is designed to intercept long-range ballistic missiles while they are still in space.

These attacks occur amidst escalating tensions between the Houthi rebels and Israel. The Houthis have intensified their assaults in response to Israel’s ongoing war against Hamas in the Gaza Strip. Eilat, situated on the Red Sea, is a crucial port city for Israel. In October, the Houthis first claimed a missile-and-drone barrage targeting Eilat, but these attacks have caused no damage in the city.

Since November, the rebels have repeatedly targeted ships in the Red Sea and surrounding waters, jeopardizing trade routes between Asia, the Middle East, and Europe. These vessels often have tenuous or unclear links to Israel, making them vulnerable to Houthi attacks. Notably, some of these ships have carried cargo bound for Iran, the Houthis’ primary supporter.

While the Houthis have not immediately claimed responsibility for either attack, they typically acknowledge their actions hours after conducting them. As the situation unfolds, the international community closely monitors the volatile region, where geopolitical tensions continue to simmer.


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