When considering purchasing a home, one of the key factors to consider is the mortgage you can qualify for.  Mortgage qualification depends on several factors, including your financial situation and the prevailing interest rates. In today’s blog, I’m going to explore how changes in mortgage rates have affected your qualifying eligibility.   Mortgage Qualification The [...]

Yesterday’s highly anticipated CPI inflation report revealed a drop of 1.00%. This brings it down to 3.40% which is the first time it has been in the 3% range in nearly two years. This is great news, but it doesn’t come as a surprise as it was in line with what was expected. Inflation has [...]

Bond yields have been trending upward precipitously since early May over growing concerns with inflation. As inflation expectations rise, investors react by adjusting their bond holdings, which can have an effect on various sectors, including mortgage rates.  It’s possible that the bond market’s negative reaction to inflation concerns could be overblown, which would be good [...]

I’m looking forward to the day when I can start blogging about falling mortgage rates. Unfortunately, we are not there yet as rates are still on the rise with more lenders increasing their fixed rates as recently as this morning. Last week, the Bank of Canada surprised everyone with another 0.25% increase to their overnight [...]

While it had appeared that we had seen the last of the rate increases from the Bank of Canada, they announced this morning that they are increasing their overnight rate by another 0.25%. This means that mortgage lenders can be expected to increase their prime rate by the same margin, which would put it at [...]

Back on March 8th, the Bank of Canada announced that they were pausing their rate hikes. This resulted in bond yields plummeting, which resulted in 5 year fixed mortgage rates dropping by as much as 0.40%. This was their lowest since early June 2022. In early May, bond yields started trending steeply back up, virtually [...]

While the Bank of Canada has eight scheduled rate announcements per year, fixed mortgage rates have no set schedule. They can move in either direction at any time, and one piece of news can put severe pressure on them in one direction or another. Most recently, there was news of inflation increasing to 4.4% year [...]

While fixed mortgage rates have fallen off of their 14 year highs we saw back in the fall of 2022, they are now facing upward pressure once again. Bond yields are one of the key factors involved in fixed mortgage rate pricing. As the yields have been rising precipitously since early May, mortgage lenders may [...]

While fixed mortgage rates have come down from their 14 year highs, they are still considerably higher than there they were over the last five years. If you went with a 5 year fixed rate in 2018 that has not yet renewed, then your current rate is likely between 2.89% and 3.14% if you arranged [...]