and concerns about their liquidity, or the amount of money they have to lend out, as Canadians deposit fewer paycheques.
Rising fixed rates as prime rates fall is unusual, and reflective of how much uncertainty banks have on the direction of the economy, said James Laird, co-founder of Ratehub.ca and president of CanWise Financial.“They don’t have a good feeling for how sharp the economic downturn is going to be, what our unemployment rate will get to, how quickly will we bounce back from it. So they’re building a higher risk premium into this fixed rate than what you would see during more usual times.
But if borrowers think that the crisis will be protracted, then they should probably stick with variable rates for now, he said.
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