The Globe and Mail reports in its Friday, Sept. 12, edition that weak economic data in Canada are drastically changing mortgage rate outlooks for both variable and fixed rate mortgages. The Globe's Salman Farooqui writes that the Canada five-year bond yield -- which heavily influences five-year fixed mortgage rates -- reached its lowest point since May, which could prompt lenders to decrease their rates. Meanwhile, a drop in the Canada three-year bond yield in recent weeks has already resulted in some of the cheapest three-year fixed mortgage rates coming down to the 3.6-per-cent level. The decrease in yields is a result of higher expectations that the Bank of Canada will cut its headline interest rate next week, after Canadian gross domestic product numbers came back weaker than expected. Markets are now pricing in 80-per-cent odds of a quarter-percentage-point cut on Sept. 17, according to data from LSEG. The data also show that two or three rate cuts are expected between now and the end of 2026. If those rate cuts materialize, variable rate mortgages could once again become notably cheaper than fixed rate mortgages. Currently, five-year fixed and variable rates are at similar levels.