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The Next Mortgage-Rule Change That Our Government Should Make – Monday Morning Interest Rate Update (June 13, 2016)

by Dave Larock

Mortgage Rate ConceptLast week the Bank of Canada (BoC) issued its latest Financial System Review, giving us the Bank’s assessment of the “the main vulnerabilities and risks to the stability of the financial system”.

In this latest report, the BoC highlighted “the elevated level of household indebtedness and imbalances in some regional housing markets”, specifically Vancouver and Toronto. The Bank cautioned that “rapidly rising house prices and strong mortgage credit growth are increasing the share of highly indebted households” and warned that “it is unlikely that economic fundamentals will justify continued strong price increases.”  The Bank cautioned that prospective buyers in Vancouver and Toronto “should not extrapolate recent real estate performance into the future when contemplating a transaction.”

Not much to argue with there. Purchasers are having to take on more and more mortgage debt as homes in Vancouver in Toronto become more expensive, and the resulting higher debt levels make households more vulnerable to financial shocks. Also, the continued rise in house prices increases the risk that purchasers will base their decision to buy on unrealistic assumptions about the potential for additional gains.

Despite these concerns, the BoC gave no indication that it plans to raise interest rates to try to reign in the rise in household debt levels or to help cool regional housing markets. Instead, the Bank is hoping that the federal government will consider making more changes to its residential mortgage-lending regulations, which can be more specifically targeted at the areas of concern.

Federal Finance Minister Bill Morneau recently confirmed that the government is doing a “deep dive” on the issue, so more regulatory changes can be expected. The key question now is “what changes will our federal government actually make?” read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Why the Latest U.S. Employment Data Should Put an End to Speculation About Imminent U.S. Rate Increases – Monday Morning Interest Rate Update (June 6, 2016)

by Dave Larock

Mortgage Rate ConceptOver the past several weeks investors had been increasing their bets that the U.S. Federal Reserve would raise its policy rate in the near future, with the odds of a Fed rate hike in July peaking at about 58% last week.

This speculation was fueled by increasingly hawkish comments from several Fed members who warned that the improving U.S. economy would soon be ready for another round of monetary-policy tightening.

I had been sceptical about whether the Fed would actually follow through on its warnings because we have seen many recent examples of Fed talk not translating into action. And I don’t think it was a coincidence that the Fed’s rate-hike warnings grew louder at a time when the bond-futures market was pricing in odds of no Fed rate increases until early 2017.

Over the past several years the Fed has repeatedly used hawkish rhetoric to keep investors from becoming complacent whenever the lower-for-longer view started to really sink in. For my money, this latest rate-rise talk was just the most recent example of the Fed using the power of its words to keep moral hazard risks at bay.

That said, we’ll never know for sure because the latest U.S. employment report, released last Friday, was so bad that investors quickly reversed course and lowered the odds of a Fed rate hike in July all the way back down to 31% in less than a day.

Here are the highlights from the latest U.S. employment report, which was about as close to a stinker all round as we have seen in a long time: read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Why the Bank of Canada Punted With Its Latest Policy Statement – Monday Morning Interest Rate Update (May 30, 2016)

by Dave Larock

Mortgage Rate ConceptThe Bank of Canada (BoC) left its policy rate unchanged last week, as was universally expected. The Bank also offered us some insight into our economy’s progress, or lack thereof.

Here are the highlights from the BoC’s latest statement, with my take on the meaning behind their messages:

  • “The global economy is evolving largely as the Bank projected in its April Monetary Policy Report (MPR)” but the Bank noted that “ongoing geopolitical factors [are] contributing to fragile market sentiment”. That “fragile market sentiment” concerns the Bank because our GDP tends to move in the same direction as overall global GDP over time, so heightened geopolitical uncertainty pushes the BoC into a cautious, read-and-react position.
  • The Bank offered a fairly positive assessment of where the U.S. economy is headed, discounting its weak first quarter and predicting it will experience “a return to solid growth in 2016”. There is much debate about what the U.S. economic data are telling us at the moment, but it is no surprise to hear that the BoC’s U.S. economic projections have an optimistic bent. It is worth remembering, however, that the Bank has consistently overshot with its U.S. economic projections.
  • The BoC noted that our economy’s “structural adjustment to the oil price shock continues, but it is proving to be uneven” and while the Bank acknowledged that oil prices are higher, it attributes the recent price rise to “short-term supply disruptions”. The Bank is of course referring to the fires in Fort McMurray, which it estimates will “cut about 1 ¼ percentage points off of real GDP growth in the second quarter”. The BoC’s most recent forecast for our economy called for second quarter GDP growth of 1%, so unless something unforeseen happens, it appears that the Bank is now calling for our economy to contract slightly in Q2.
  • The BoC cited concern that “business investment and intentions remain disappointing”. The Bank is hopeful that our economy will start to rebound in the third quarter, “as oil production resumes and reconstruction [in Fort McMurray] begins”, but hope is the operative word here because the BoC has been hoping that business investment will meaningfully increase since 2008.
  • The Bank notes that while the Loonie “has been fluctuating in response to shifting expectations of U.S. monetary policy and higher oil prices, it is now close to the level assumed in April.” The recent drop in the Loonie has reduced the odds that the BoC would have to lower its overnight rate to stem its rise.
  • “Inflation is roughly in line with the Bank’s expectations”. The Bank noted that overall inflation, as measured by the Consumer Price Index (CPI), “remains slightly below the 2 per cent target”, while core inflation remains “close to 2 per cent, reflecting the offsetting influences of past exchange rate depreciation and excess capacity.“ In different times the BoC might be more concerned about the fact that our overall CPI has risen in each of the past five months, and that our core inflation rate, which strips out more volatile CPI inputs like food and energy, came in above 2% for the second consecutive month. But in our current economic environment, the BoC’s primary focus is on growth, not inflation. As such, inflation would have to rise much higher before it would likely alter the Bank’s near-term policy plans.

I think that the BoC effectively decided to punt the ball to the U.S. Fed with its latest statement. There was nothing in last week’s announcement to tip either bond yields, or more importantly, the Loonie off of their current trajectories. Our economy remains in read-and-react mode where the combination of global geopolitical uncertainty and the U.S. Fed’s next policy-rate decision in June will determine where both are headed over the near term. The Bank has basically decided to wait and see how the Fed’s June meeting plays out before using its words and, if necessary, its actions, to counteract any unwanted volatility.

Five-year Government of Canada bond yields rose by two basis points last week, closing at 0.79% on Friday. Five-year fixed-rate mortgages are available in the 2.39% to 2.59% range, depending on the terms and conditions that are important to you, and five-year fixed-rate pre-approvals are offered at around 2.69%.

Five-year variable-rate mortgages are available in the prime minus 0.30% to prime minus 0.40% range, which translates into rates of 2.30% to 2.40% using today’s prime rate of 2.70%.

The Bottom Line: The BoC is now projecting that our economy will contract slightly in the second quarter of this year, largely as a result of the economic disruption caused by the fires in Fort McMurray. Despite this, the Bank’s overall position comes across as cautiously optimistic while it waits to see how global geopolitical uncertainties play out, and most directly, to see what effects the U.S. Fed’s June policy-rate decision will have on the Loonie and on our overall economic momentum.

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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All Eyes on the Bank of Canada This Week – Tuesday Morning Interest Rate Update (May 24, 2016)

by Dave Larock

Mortgage Rate ConceptThis post will be shorter than normal because I spent the long weekend enjoying our gorgeous weather with family. (And I hope you did too!)

All eyes will be on the Bank of Canada (BoC), which will issue its latest policy announcement this Wednesday. The Bank is not expected to move rates but it will offer insights into our current economic circumstances. Specifically, I’ll be interested in hearing what the Bank has to say about the continued volatility in our employment momentum, the effects of the Fort McMurray fires on Alberta’s already beleaguered oil patch, and most importantly, the impact that the surging Loonie is having on our still nascent manufacturing-sector recovery.

Five-year Government of Canada bond yields rose by nine basis points last week, closing at 0.77% on Friday. Five-year fixed-rate mortgages are available in the 2.39% to 2.59% range, depending on the terms and conditions that are important to you, and five-year fixed-rate pre-approvals are offered at around 2.69%.

Five-year variable-rate mortgages are available in the prime minus 0.30% to prime minus 0.40% range, which translates into rates of 2.30% to 2.40% using today’s prime rate of 2.70%.

The Bottom Line: I expect that the BoC will offer a cautious overall view at this Wednesday’s meeting in the hope that its dovish language will help stem the Loonie’s rise against the Greenback. No doubt that BoC Governor Poloz’s would deny that this was his motive, but regular readers of this post know better.

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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How China’s Future Might Affect Our Economy and Mortgage Rates – Monday Morning Interest Rate Update (May 16, 2016)

by Dave Larock

Mortgage Rate ConceptWhat happens in China matters to our economy. And more so than you might think.

While we don’t sell much to China directly, its demand drives the prices of commodities, and our economic momentum tends to rise and fall alongside commodity-price changes.

In the years following the Great Recession, China’s voracious appetite for commodities gave our economy a powerful boost, which helped offset the loss of export demand from U.S. markets. But Chinese GDP growth rates of 10%+ are long gone, and even China’s current stated GDP growth rate of about 6.5% is open to question.

China’s slowing growth hasn’t come as a surprise to its policy makers. They are trying to transition their economy from one that is primarily driven by infrastructure spending and export-manufacturing, to one that is fuelled by domestic consumer spending and is focused on the rapid expansion of the country’s service-based sectors.

This is a monumental task for the world’s second largest economy, and the economic disruptions that are inevitable with such a transition increase the potential for social and political instability. China’s leaders value stability above all else and they have relied on a massive expansion in corporate debt to buffer against potential disruptions. But this has triggered a sharp rise in non-productive debt that provides only stop-gap relief, and that may well exacerbate instability risks over the longer term by delaying painful (but much needed) changes, and by limiting China’s future flexibility.

Here are some highlights to give you a sense of the scope and scale of China’s unprecedented levels of debt expansion: read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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How The Loonie’s Value Affects Your Mortgage Rates – Monday Morning Interest Rate Update (May 9, 2016)

by Dave Larock

Mortgage Rate ConceptIf you were to give Bank of Canada (BoC) Governor Poloz a heavy dose of truth serum, he would readily admit that the Loonie is our policy maker’s best tool for stimulating the right kind of economic growth for our country.

Consider that the BoC has repeatedly said that any sustainable Canadian economic recovery must be underpinned by a rise in export demand that fuels increased business investment in productivity enhancements and expansion. What better way to stimulate our export manufacturers than to help nudge the Loonie lower with some dovish comments at just the right time?

Put another way, why drop the overnight rate further and make borrowing cheaper for everyone, including consumers who have already borrowed to record levels, if you can talk the Loonie down instead, and in so doing, create an economic tailwind that specifically benefits the very part of the economy, export manufacturing, that is so important to our country’s long-term success? When you compare it to the radical forms of quantitative easing (QE) that many of the developed world’s other central banks have resorted to in order to stimulate their economies, talking down your currency seems a lot less risky. read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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What the U.S Federal Reserve’s Continued Caution Means For Canadian Mortgage Rates – Monday Morning Interest Rate Update (May 2, 2016)

by Dave Larock

Mortgage Rate ConceptThe U.S. Federal Reserve left its policy rate unchanged last week, as most were expecting. It acknowledged some improvement in the recent economic data but maintained its cautious overall view.

Here are the highlights from the Fed’s latest statement:

  • “Labour market conditions have improved further even as growth in economic activity appears to have slowed.” These two trends can’t move in opposite directions for too long. Either the overall economic activity will start to improve or labour-market conditions will start to soften in the coming months.
  • “Growth in household spending has moderated, although households’ real income has risen at a solid rate and consumer sentiment remains high.” This anomaly must be confounding policy makers. If incomes are rising and consumers are confident, why are they choosing to save rather than spend? The answer to this question is important because American consumers account for more than two thirds of U.S. GDP, so as they go, so too goes the U.S. economy.
  • “The housing sector has improved further but business fixed investment and net exports have been soft.” Housing-sector improvement gives us further confirmation that consumer-confidence levels are rising, but soft business investment is cause for concern. U.S. businesses are flush with cash that they are using for non-productive purposes, like share buy backs, rather than for investment in capacity enhancements and expansion. (To that end, U.S. productivity levels continue to fall.)
  • “Inflation has continued to run below the Committee’s 2 percent longer-run objective … [and] is expected to remain low in the near term … but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further.” U.S. inflation rates should remain low for as long as U.S. consumers continue to save rather than spend their extra income, and that allows the Fed to continue to focus its attention elsewhere.
  • “The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.” This cautious summary statement gave markets reassurance that U.S. policy-rate hikes are still a ways off and investors got the message – the futures market lowered the odds of a Fed rate hike at its next meeting in June from 21 percent down to 15 percent.

The Fed’s continued caution seems warranted. While both U.S. consumer and business confidence levels still appear high, the proof of the pudding is in the eating and neither group is showing confidence where it matters most, at the checkout counter. Also, global instability risks remain elevated and a more bullish Fed statement could well have triggered another surge in the U.S. dollar. This would have heaped more suffering on already beleaguered U.S. exporters and might also have exacerbated global instability risks, which remain elevated.

Five-year Government of Canada bond yields fell by two basis points last week, closing at 0.88% on Friday. Five-year fixed-rate mortgages are available in the 2.39% to 2.59% range, depending on the terms and conditions that are important to you, and five-year fixed-rate pre-approvals are offered at around 2.79%.

Five-year variable-rate mortgages are available in the prime minus 0.30% to prime minus 0.40% range, which translates into rates of 2.30% to 2.40% using today’s prime rate of 2.70%.

The Bottom Line: The Fed maintained its cautious monetary-policy stance last week. As such, any U.S. policy-rate rises still appear to be a ways off and that should help keep both our fixed and variable mortgage rates at or near today’s levels for the foreseeable future.

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Will the Latest Canadian Inflation Data Affect Our Mortgage Rates? Monday Morning Interest Rate Update (April 25, 2016)

by Dave Larock

Mortgage Rate ConceptLast week was a slow one for economic news but we did receive our latest inflation data, for March.

Statistics Canada confirmed that overall inflation, as measured by our Consumer Price Index (CPI), rose by 1.3% last month, which was a little less than our 1.4% rate in February but slightly above the 1.2% rate that the consensus had been expecting.

The most noteworthy detail in our latest CPI data showed that gasoline prices fell by 13.6% versus where they were last year. We saw price rises in six of the eight major categories that Stats Can tracks, and core inflation, which strips out more volatile CPI inputs like food and energy, rose by 2.1% in March (up from 1.9% in February).

When the Bank of Canada (BoC) met earlier this month it said that it believes the forces that have pushed our inflation rate higher of late are largely temporary in nature. It therefore appears very unlikely that the Bank will change its monetary policy in response to the latest data. In fact, the BoC is in the process of re-evaluating (as it does every five years) its target inflation rate of 2% and there is speculation that the Bank may raise this target to give it more flexibility in managing through inflation volatility (which we are seeing more of these days because of wider ranges in currency swings and energy-price changes).

Five-year Government of Canada bond yields surged higher by fourteen basis points last week, closing at 0.90% on Friday. Five-year fixed-rate mortgages are available in the 2.39% to 2.59% range, depending on the terms and conditions that are important to you, and five-year fixed-rate pre-approvals are offered at around 2.79%.

Five-year variable-rate mortgages are available in the prime minus 0.30% to prime minus 0.40% range, which translates into rates of 2.30% to 2.40% using today’s prime rate of 2.70%.

The Bottom Line: The latest inflation data aren’t likely to have much effect the BoC’s monetary-policy plans. The Bank will focus on growth and employment for as long as inflation continues to hover around its target rate of 2%, and that means that inflation isn’t likely to have a material impact on our fixed or variable mortgage rates for some time yet.

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Why the Bank of Canada Is Stuck in Neutral – Monday Morning Interest Rate Update (April 18, 2016)

by Dave Larock

Mortgage Rate ConceptWhen the Bank of Canada (BoC) met last week, it left its overnight rate unchanged, as was universally expected.

While a policy rate change was never in doubt, the key question on the minds of market watchers was how the Bank would interpret the recent surge in our GDP growth, which could come in as high as 3% over the first quarter of this year. If the BoC adopted a more bullish view, it would push the Loonie higher and in so doing, weaken the tailwind that our relatively cheap currency had been providing to our export manufacturers. Also, bond yields would be expected to move higher and this could trigger a rise in our fixed mortgage rates.

In today’s post we’ll look at what the BoC said in its latest policy statement and provide highlights from its latest Monetary Policy Report (MPR), which gives us the BoC’s views on the state of the world’s economies and includes projections for where the Bank sees foreign and domestic economic growth headed over the next several years: read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Did the Bond Market Over-React To the Latest Canadian Employment Data? Monday Morning Interest Rate Update (April 11, 2016)

by Dave Larock

Mortgage Rate ConceptThe latest Canadian employment report sure got the market’s attention last Friday.

It showed that our economy added a whopping 40,600 new jobs last month, which was well above the 10,000 new jobs that the consensus had been expecting. The five-year Government of Canada (GoC) bond yield, which our five-year fixed mortgage rates are priced on, shot up nearly 10 percent after the report was released.

While there were some encouraging developments in our March employment report, the underlying data are notoriously volatile and are regularly revised in subsequent months. David Parkinson at the Globe and Mail noted Stats Can’s claim that its initial March estimate is deemed accurate to within 29,800 jobs two-thirds of the time. In particular, the 18,900 rise in net new jobs in Alberta last month seems ripe for revision, to the point where I am wondering whether someone added instead of subtracted when tallying that province’s result.

Here are the highlights from our latest report: read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Why Markets Aren’t Likely To Overreact To the Latest U.S. Employment Data – Monday Morning Interest Rate Update (April 4, 2016)

by Dave Larock

Mortgage Rate ConceptWe received the U.S. employment data for March last week, and while the headline number beat consensus expectations, the details in the data were mixed.

Today’s post will provide the highlights, and will also explain why comments made by U.S. Federal Reserve Chair Yellen last week should help temper the market’s reaction. read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Three U.S. Trends That Could Push Canadian Mortgage Rates Higher – Tuesday Morning Interest Rate Update (March 29, 2016)

by Dave Larock

Mortgage Rate ConceptCanadian mortgage borrowers have enjoyed rock-bottom fixed and variable mortgage rates for years, and that isn’t likely to change soon. Our economy is mired in a low-growth, low-inflation environment and higher rates aren’t near the top of our policy makers’ worry list. Instead, they’re focused on helping the cheaper Loonie fuel a manufacturing renaissance in an effort to replace our lost energy-sector momentum. And while there are encouraging signs that this transition is finally underway, it has been slow to develop. So today’s ultra-low interest rates are basically our silver lining on an otherwise cloudy economic day.

Although higher rates may not appear imminent, we shouldn’t become complacent about this extended period of super-cheap borrowing costs. Our circumstances can, and often do, change more quickly than expected. A small country like ours is vulnerable to global forces, most especially to the gyrations of the economic giant to our south. Our bond yields have changed in lockstep with U.S. yields for years now, so like it or not, if U.S. rates head higher, it’s a good bet that we’re going to be taken along for the ride (at least initially).

To that end, in today’s post we’ll look at three developing U.S. trends which have the potential to both push our mortgage rates higher, and to do so more quickly than expected. read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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What the U.S. Fed’s Surprising Shift in Tone Means for Canadian Mortgage Rates – Monday Morning Interest Rate Update (March 21, 2016)

by Dave Larock

Mortgage Rate ConceptThe U.S. Federal Reserve left its policy rate unchanged last week, as expected, but it surprised markets by removing two rate hikes from its Fed funds-rate forecast for 2016 and by adopting a much more dovish overall tone.

As a reminder, the Fed’s comments matter to anyone keeping an eye on Canadian mortgage rates because Government of Canada (GoC) bond yields have moved in virtual lock step with their U.S. equivalents since the start of the Great Recession in 2008. Our fixed-mortgage rates are based on GoC bond yields so the Fed’s comments and forecasts have direct impact on how much our fixed-rate borrowers pay for their loans. And given that the Bank of Canada (BoC) tends to move in the same direction as the Fed over time, the Fed’s longer-term rate forecasts and overall tone also act as a kind of distant-early-warning gauge for increases in the BoC’s overnight rate, which forms the basis for our variable mortgage rates.

Here are the highlights from the Fed’s latest statement (with my comments in italics): read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Happy March Break – Monday Morning Interest Rate Update (March 14, 2016)

by Dave Larock

Mortgage Rate ConceptToday’s post will be a short and sweet March-break edition.

Five-year GoC bond yields rose by twelve basis points last week, closing at 0.81% on Friday. Five-year fixed-rate mortgages are available in the 2.39% to 2.59% range, depending on the terms and conditions that are important to you, and five-year fixed-rate pre-approvals are offered at rates as low as 2.79%.

Five-year variable-rate mortgages are available in the prime minus 0.30% to prime minus 0.40% range, which translates into rates of 2.40% to 2.30% using today’s prime rate of 2.70%.

The Bottom Line: The Bank of Canada stood pat last week while the European Central Bank adopted several new measures to loosen its monetary policy further. It’s the Fed’s turn this week, and we’ll most likely be reviewing what it had to say in next Monday’s post.

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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Will Canadian Mortgage Rates Rise In Response To the Latest U.S. Employment Data? Monday Morning Interest Rate Update (March 7, 2016)

by Dave Larock

Mortgage Rate ConceptWe received the latest U.S. employment data last Friday, and the headline showed that the U.S. economy added an estimated 242,000 new jobs in February. This was well above the 195,000 new jobs that the consensus was expecting, and futures markets responded by raising the odds that the Fed will hike its policy rate later this year. (The odds of the next U.S. Fed hike occurring this November were increased from 45% to 53% on Friday.)

As has so often been the case however, a more detailed look at the latest U.S. non-farm payroll report told a different story than the headline.

Here are the highlights: read more…

David Larock is an independent full-time mortgage planner and industry insider. If you are purchasing, refinancing or renewing your mortgage, contact Dave or apply for a Mortgage Check-up to obtain the best available rates and terms.
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