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Big Six Banks Raise Fixed Mortgage Rates: What Your Renewal Costs Now

  Canadian Money Brief • Mortgages Updated Saturday, October 17, 2026 If your mortgage term ends this winter, the rate you saw advertised in August is probably gone. All six of Canada’s big banks have raised fixed rates since early September, and the Bank of Canada hasn’t touched its policy rate in almost a year. That disconnect catches a lot of homeowners off guard. Your fixed mortgage rate doesn’t follow the Bank of Canada. It follows the bond market. And bond yields have been climbing on oil-driven inflation worries, which means the people feeling it first right now are the ones opening a renewal letter. The numbers at a glance Up to 0.50 pt in fixed-rate increases at the big banks in about five weeks • BoC policy rate still 2.25% • Big bank prime still 4.45% • About $110 a month more on a $400,000 balance from a half-point jump How far have the big banks moved? Depending on the term, some big bank fixed rates are up by as much as half a percentage point in roughly five week...
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Iran Launches Dozens of Drones Toward Israel, Israeli Official Confirms

 


In a significant escalation of tensions, Iran has reportedly launched dozens of drones toward Israel. The Israeli Defense Forces (IDF) made this announcement, revealing that the drones were dispatched from Iranian territory. The situation remains fluid, and the IDF is closely monitoring the threat.

Key Points:

  1. Drone Deployment: According to an Israeli official, Iran’s Islamic Revolutionary Guard Corps (IRGC) orchestrated this large-scale drone attack. The IDF has been tracking the drones’ movements, and it is estimated that they will take several hours to reach Israel.

  2. Preparations and Alerts: In anticipation of the threat, Israel has taken precautionary measures. Certain areas may experience disruptions in GPS availability. The Home Front Command has issued guidelines for vigilance and safety.

  3. International Response: Jordan temporarily closed its airspace to incoming, departing, and transiting aircraft as a security measure. The decision aims to safeguard civil aviation within Jordanian airspace.

  4. Israel’s Preparedness: Israeli Minister of Defense Yoav Gallant emphasized that the country is well-prepared across various domains—land, air, sea, and intelligence—to counter any potential attack by Iran or its proxies.

As the situation unfolds, the world watches closely, aware of the implications of this drone offensive. The delicate balance in the region hangs in the balance, and diplomatic efforts are crucial to prevent further escalation.


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