The BC Real Estate Association is reporting that five-year fixed mortgage rates, held by approximately 80 percent of homeowners, are in decline.

The decrease is a result of falling government bond yields, which determine fixed rates.

This comes after 18 months of steady rate increases that had British Columbians bracing for higher monthly payments.

The latest mortgage rate forecast, released late last month indicates that the average five-year fixed rate for the second quarter of 2019 is 2.99 percent, down from 3.6 percent in the first quarter.

The BCREA is forecasting that the five-year fixed mortgage rate will increase to 3.14 percent by the fourth quarter of this year and hold steady for the first six months of next year.