The Globe and Mail reports in its Friday, Oct. 9, edition that homeowners are choosing fewer long-term fixed-rate mortgages, leading economists to warn that reliance on cheaper, unstable options may make the housing market vulnerable to monetary policy changes and external factors like oil price shocks from the war in Iran. The Globe's Salmaan Farooqui writes that just 8.8 per cent of Canadians signed a fixed mortgage with a term of five years or longer this summer, according to National Bank. It is a major change from the prepandemic era, when nearly 50 per cent of homeowners signed long-term fixed mortgages. National Bank economist Daren King says the recent spike in bond yields and the corresponding hikes in long-term fixed mortgage rates mean that even fewer consumers will choose them in the coming months. The data in Mr. King's report reflect trends until July, 2026. Mr. King says the housing market may become even more sluggish if homeowners remain rate-sensitive, especially with the Bank of Canada poised to raise interest rates and bond yields near two-year highs, increasing borrowing costs. Mr. King believes the housing market will stay weak in 2027 unless geopolitical tensions like the war in Iran subside.