The Globe and Mail reports in its Friday, Sept. 5, edition that five-year mortgage terms have offered some of the lowest fixed rates for much of 2025, but that is starting to change. An unbylined item in The Globe reports that Ron Butler, founder of Butler Mortgage in Toronto, said many lenders are now offering promotional rates on three-year fixed terms at about 3.6 per cent. That compares with some of the cheapest five-year fixed rates being in the low 4-per-cent range. Mr. Butler said the drop in three-year fixed terms is a result of the three-year Canada bond yield moving lower in recent weeks, while the Canada five-year bond has stayed relatively level. Daniel Vyner, a mortgage broker based in Toronto, said the three-year bond yield has dropped because markets still expect the Bank of Canada to cut rates in the near future. By contrast, five-year rates carry more inflation uncertainty, he said. Meanwhile, markets are anticipating much higher chances of an interest-rate cut from the BOC this month. LSEG data show a 67-per-cent chance of a 25-basis-point cut when the BOC meets on Sept. 17, especially after recent GDP data indicated a larger-than-expected economic contraction in the second quarter.