Variable Mortgage Rates Falling: Following a recent 50 basis point Bank of Canada rate cut, variable mortgage rates dropped to as low as 4.70% (insured) and 5.10% (uninsured).

Fixed Rates Stable: Fixed rates remain steady at around 4.09% (insured) and 4.64% (uninsured). Further decreases depend on inflation significantly undershooting targets and rising unemployment.

Economic Outlook: Strong job numbers suggest limited near-term progress on inflation, making further drops in variable rates unlikely for now. Fixed rates depend more on market inflation expectations and employment trends.