The Financial Post reports in its Saturday, Dec. 7, edition that Canada's latest economic report revealed alarming unemployment numbers. The Post's Robert McLister writes that currently, Canada's five-year government yield is at a nine-week low, likely leading to near-term fixed-rate cuts, especially for default insured rates. However, the major banks are adjusting amid the slower mortgage season, increasing margins per loan. This trend is particularly evident in floating rate mortgages, which are gaining popularity, especially with the anticipated rate easing from the Bank of Canada. Consequently, new variable rate mortgages may offer slightly less savings due to lenders reducing discounts from the prime rate. If you are already riding the floating rate wave, the news is all good. You are about to save 25 to 50 basis points on your mortgage. Derivatives pricing in the bond market suggests there is a better than three in four chance of the latter. Oxford Economics economist Michael Davenport said on Friday, "With slack continuing to build in the labour market, GDP growing at a soft below-potential pace, and inflation at the 2-per-cent target, we expect the BOC will push ahead with another 50 basis point rate cut next week."