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Fixed vs. Variable Mortgages in Canada: Which Should You Choose Right Now?

  Mortgages | Personal Finance | June 2026 Variable rates sit at 3.30% while fixed rates have climbed above 4%. The Bank of Canada is frozen between inflation and recession. Here's what that means for your mortgage decision today. By MoneySavings.ca Staff  |   June 26, 2026 📊 Today's Best Mortgage Rates — June 26, 2026 Type Term Lowest Rate (Broker) Big Bank Range Variable 5-Year ~3.30% ~3.50–4.00% Fixed (Insured) 5-Year ~4.04% ~4.50–5.20% Fixed (Conventional) 5-Year ~3.94% Higher Bank of Canada Policy Rate 2.25%  |  Prime Rate: 4.45% Sources: NerdWallet Canada, Ratehub.ca, WOWA.ca, bestrates.ca. Rates as of June 26, 2026. Broker rates require qualification; Big Bank rates are estimates. Your actual rate depends on your credit score, down payment, and mortgage type. If you're buying a home, renewing a mortgage, or simply trying to make sense of an unusually complex rate environment, you've arrived at the right question at a complicated moment. The Canadian...

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Tensions Surge as China Claims to Expel U.S. Destroyer from Scarborough Shoal

 


China’s military announced on Wednesday that it had monitored and “drove away” the U.S. Navy destroyer USS Higgins after it sailed near the disputed Scarborough Shoal in the South China Sea. The incident marks the first known U.S. operation within the shoal’s waters in at least six years, occurring just a day after the Philippines accused Chinese vessels of “dangerous maneuvers” during a supply mission in the area.

According to the Chinese military’s Southern Theater Command, the destroyer entered the waters “without approval” from Beijing, an act it said “seriously violated China’s sovereignty and security” and undermined regional stability. The U.S. Navy’s Seventh Fleet countered that the mission was a lawful “freedom of navigation” operation, asserting navigational rights under international law.

Scarborough Shoal, a rich fishing ground and strategic maritime chokepoint, is claimed by China, the Philippines, and other Southeast Asian nations. Despite a 2016 international tribunal ruling rejecting Beijing’s expansive claims, China continues to assert control over the area. The shoal remains a flashpoint in the broader South China Sea dispute, a region through which more than $3 trillion in trade passes annually.

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