This week, the lowest nationally-available variable, 2-year fixed and 10-year fixed, are all lower. Once again, borrowers have Nesto to thank. The online lender seems to be on a market share mission as of late.
Of particular interest is Nesto's 10-year fixed at 4.99% for insurable loans
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"Inflation is coming down…. It's going to be 3% this summer, we think."—Bank of Canada's Tiff Macklem
Canada's 5-year yield rose five bps last week, nothing major. Spunky jobs data was the main reason.
Employment reports are backward-looking, however, while markets
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The U.S. Federal Reserve gave no indication it was pressing the pause button after Wednesday's 25 bps hike. Instead, it said the next best thing.
"A decision on a pause was not made today," Jerome Powell remarked in his press conference. But "We feel
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💡In brief: It could be a climactic week for rates on multiple levels (the Fed hike, employment reports, banking stresses, etc.). Borrowers needing financing through August should be prepared to lock rates quickly if bond yields spike, although that's not the expectation.
The Fed's likely and
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Fixed-mortgage funding costs eased this week—ever so slightly.
The impetus was two-fold:
1. continued blow-over of U.S. banking worries, and
2. more signs of disinflation (among other things, average core inflation slid from 4.8% to 4.5%, and preliminary March retail sales estimates looked grim).
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