Renewing Your Mortgage around London? Why Rates Just Shifted and What to Do Next

Well the world just showed up in your mortgage - We find many people think mortgage rates are controlled in Canada.

They’re not.

They’re influenced by things happening thousands of miles away — like war, oil, and global money.

And right now, all three just collided.

We’re in the middle of one of the largest mortgage renewal waves this country has ever seen. Millions of Canadians are either renewing right now… or about to.

At the exact same time, global tension is pushing oil prices higher.

And that matters more than most people realize.

Because when oil goes up, inflation becomes a problem again.
When inflation becomes a problem, bond yields climb.
And when bond yields climb… fixed mortgage rates follow.

That’s exactly what we’ve seen over the past couple of weeks.

Quietly, fixed rates have already crept up.

Not dramatically—but enough to matter when you’re renewing a mortgage that was sitting at 1.5%–2% a few years ago.

This is where it gets uncomfortable.

Because the Bank of Canada is now stuck.

They want to cut rates to help the economy.
But rising energy costs could force them to hold—or even increase—rates to control inflation.

That’s why you’re hearing words like “uncertainty” and “stalemate.”

And that’s the truth of today’s housing market.

We’re not in a boom.
We’re not in a crash.

We’re in a grind.

Fewer buyers. More hesitation. Enough inventory to prevent spikes.

But here’s the real issue no one is talking about enough:

Payment shock.

We’re seeing it every day.

People renewing their mortgages and suddenly facing hundreds—or thousands—more per month.

And it’s not because they did anything wrong.

It’s because they’re renewing into a completely different world.

So what are people doing about it?

We’re seeing a shift.

More borrowers are choosing variable rates—not because they’re safer, but because they offer flexibility.

The strategy?

Take a lower variable rate now…
Then lock in later when things stabilize.

But let’s be clear—that’s not a one-size-fits-all move.

This is where strategy matters.

Because the wrong decision at renewal doesn’t just cost you rate…

It costs you years.

This is exactly why we built Mortgage Teacher the way we did.

Not just to find rates—but to help you understand what you’re signing, why you’re signing it, and how it impacts your long-term plan.

Because in a market like this, guessing is expensive.

And clarity is everything.