Fixed mortgage rates have run into serious funding cost pressure. Canada's 5-year bond yield and 4-year swap rate were both up another 13 bps Monday. That leaves us about 25+ bps higher following Friday's U.S. employment numbers, which rose by nearly triple Wall Street estimates.

Canada's Big 5 banks are not in a discounting mood. They've been pricing fixed rates well above normal for months, relative to common funding cost benchmarks. For context, look at the last five years for example. Over that span, uninsured 5-year fixed rates averaged 122 bps

Today's shockingly strong U.S. jobs report was a stark reminder that high rates could haunt the housing market longer than expected. January payrolls soared 517,000 versus the 188,000 consensus call. The 3.4% unemployment rate was America's lowest since 1969. The news is

The BoC should've orchestrated a more hawkish pause. That's what some economists are now saying. Their fear: people now expect the Bank of Canada's next rate change to be a cut, so many will run right out and borrow money. That, in turn, will