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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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Rocket Strike Halts Iraq’s Key Gas Facility, Sparks Widespread Power Cuts

 

                                    Khor Mor gasfield after a drone attack on November 26, 2025
                                            

A rocket attack late Wednesday night struck the Khor Mor gas field in Iraq’s Kurdistan region, forcing production to shut down and triggering widespread power outages across the area. The strike hit a storage tank at the facility, one of the largest gas fields in northern Iraq, according to joint operator Dana Gas.

Authorities confirmed that no casualties were reported, but the disruption has left large parts of the Kurdistan region without electricity. The Khor Mor field is a critical supplier of natural gas used for power generation, and its sudden shutdown has had immediate consequences for the regional grid.

The attack is the most significant since a wave of drone strikes in July, which reduced oil output in the Kurdistan region by around 150,000 barrels per day. While the latest strike has not impacted oil exports, the halt in gas production underscores the vulnerability of Iraq’s energy infrastructure to repeated assaults.

Local officials have launched an investigation to identify the perpetrators, though no group has claimed responsibility. Security forces are working to assess the damage, and the Kurdistan Region’s Electricity Minister has indicated that power could be restored within 24 to 48 hours if the damage is confined to fuel storage units.

The incident highlights ongoing instability in Iraq’s energy sector, where attacks on oil and gas facilities have become increasingly frequent. With the Khor Mor field supplying much of the region’s electricity, the strike has raised concerns about both energy security and the broader geopolitical tensions that continue to affect Iraq’s Kurdistan region.

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