First National is a broker channel leader, making it a bellwether for trends in both single- and multi-family mortgage markets. Here are some swift takeaways from the company's Wednesday conference call:

Wednesday brought a deluge of macro data, and the latest numbers hint at a slipping economy in Q2 and Q3. The real cliffhanger for mortgage rates, however, is whether inflation will spike like the morning line at Tim Hortons.

Following today's fresh data, here's what's swaying yields, and in which direction.

The Fed's #1 inflation gauge looked decent on the surface, but it only tells us what happened before Trump's tariff onslaught.

The latest GDP numbers looked rough, but they could have been worse.

Here's what we got:

Canadian rates shrugged off Monday night's election squeaker. Since a Liberal win was already baked in, U.S. trade rumblings dominated our bond market's headspace today.

Five-year yields got tugged in a few directions, and here's what was doing the yanking.

It was such a dead calm with rates on Monday, we could’ve replaced our lender tracker with a virtual lava lamp, and nobody would've missed anything.