The Middle East war is impacting something most Canadians may not have expected: the cost of some mortgages.

Last month, three- and five-year fixed mortgages increased by 0.5 per cent in just three weeks, said Marshall Tully, a Toronto-based mortgage broker.

"Unfortunately, it's possible that trend could continue," Tully said.

According to the Canada Mortgage and Housing Corporation (CMHC), 1.4 million mortgages will be renewed by the end of the year, representing about 23 per cent of all mortgages. Many of those would have received much lower rates from 2021.

“Many people are coming into their renewals totally blind and thinking that rates just keep coming down or holding," he said.

Tully said fixed-rate mortgages have risen particularly quickly because they are backed by bond yields, which can fluctuate in response to world events like wars. And U.S. President Donald Trump's prime-time address on Wednesday offered little new insight on how long he expects the conflict to last.