The Globe and Mail reports in its Friday, March 7, edition that lenders are closely monitoring the unpredictable trade war initiated by U.S. President Donald Trump, which is impacting mortgage rates in Canada. Globe staff write that the Canada five-year bond yield, a key indicator for fixed mortgage rates, dropped sharply due to widespread 25-per-cent tariffs on Canadian imports but has since regained some ground. Analysts anticipate further declines in long-term mortgage rates. Mr. Trump's recent one-month tariff reprieve adds to the uncertainty. A prolonged trade war could also lower variable mortgage rates, with clearer expectations likely after the Bank of Canada's upcoming rate announcement. Markets currently anticipate three interest rate drops in 2025. In this rocky economic environment, mortgage brokers are clear about one thing for people who are nearing renewal: Lock in the rate you have now. Rates could rise upon a sudden end to the tariffs, and you can always get a lower rate if they drop by the time you renew.