💡See also: Mortgage Tidbits (below). Yields edged up on Tuesday amid expectations of a busy data week that crescendos with Canadian and U.S. jobs numbers on Friday. Meanwhile, bond markets (so far) appear serenely indifferent to the U.S. capture of ousted Venezuelan leader Nicolás Maduro.

The bond market's seasonal hibernation is over. Time to strap in for an action-packed January, which means that volatility in fixed mortgage rates could pick up. Here’s what to watch for...

💡A new Amortization Simulator is available here. In 2025, fixed mortgage rates dropped anywhere from 30 bps on the five-year fixed to 115 bps on the one-year fixed. And given how a key fixed-rate indicator closed out the year, one might say we were lucky to get that savings.

The Fed’s latest minutes, which Scotiabank says are "as stale as three-day-old turkey stuffing," were consistent with lower rates in 2026. And typically, the lower Fed funds go, the harder it is for the Bank of Canada to hike rates OTBE. But the meeting summary also revealed