Canada's Fixed Mortgage Rates PLUNGE in November : Variable Back in Play

#canadianmortgagerates #bankofcanada #canadianrealestate

Canada’s fixed mortgage rates plunged in November, and with some expecting the Bank of Canada to cut rates in early-2024, some are arguing that Variable Rates are looking increasingly attractive.

Links:

Three of the big banks have just lowered fixed mortgage rates. Will more follow?:

https://www.canadianmortgagetrends.com/2023/11/three-of-the-big-banks-have-just-lowered-fixed-mortgage-rates-will-more-follow/

Canada 5 Year Government Bond:

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

Mortgage activity down 25% from 2022 and fixed rates remain top choice, stats show:

https://www.canadianmortgagetrends.com/2023/11/mortgage-activity-down-25-from-2022-and-fixed-rates-remain-top-choice-stats-show/

Relief may be on the way: Economists forecast interest rate cuts as early as mid-2024:

https://www.thestar.com/business/relief-may-be-on-the-way-economists-forecast-interest-rate-cuts-as-early-as-mid/article_411c9df5-3560-510e-af04-0dc76a7cf6b7.html

LACKIE: Variable rate mortgages back in play:

https://torontosun.com/opinion/columnists/lackie-variable-rate-mortgages-back-in-play

Goldman Sachs execs see steeper Treasuries curve, softer demand:

https://www.reuters.com/markets/rates-bonds/goldman-sachs-execs-see-steeper-treasuries-curve-softer-demand-2023-11-21/

Residential Mortgage Industry Report:

https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/housing-research/research-reports/housing-finance/residential-mortgage-industry-report/2023/residential-mortgage-industry-report-fall-2023-en.pdf

Posthaste: Here's what it will take for the Bank of Canada to cut rates — and when it might happen:

https://financialpost.com/news/what-take-bank-of-canada-cut-interest-rates

Variable mortgages cost Canadians tens of thousands amid high rates. Is the risk worth it?:

https://globalnews.ca/news/9976480/variable-rate-fixed-rate-mortgages-canada-interest/

Canada's inflation rate rises to 5.1% — highest since 1991:

https://www.cbc.ca/news/business/canada-inflation-january-1.6353464


Interest Rates: Immediate Rates (24 Hours): Prime Rates: Total for Canada:

https://fred.stlouisfed.org/series/IRSTPI01CAM156N

Canada’s inflation rate slowed to 3.1% in October, but rents surge:

https://www.theglobeandmail.com/business/article-canada-inflation-rate-october/

Daily Digest:

https://www.bankofcanada.ca/rates/daily-digest/
National Statistics: https://creastats.crea.ca/en-CA/

Fixed vs Variable Comparison Calculator:

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiU08P97uSCAxVaATQIHcBpAdQQFnoECAoQAQ&url=https%3A%2F%2Fwww.cmls.ca%2Fbrokers%2Fdownload-resource%3Fid%3D17&usg=AOvVaw2p0dwDYvJzaKjKi0grDCYh&opi=89978449 Residential


Market Participants Survey:

https://www.bankofcanada.ca/publications/market-participants-survey/

$7.6 trillion of US government debt will mature in the next year, adding pressure on rates:

https://markets.businessinsider.com/news/bonds/us-debt-maturing-bond-yields-treasury-bills-federal-reserve-qt-2023-9

Federal budget deficit expected to nearly double to around $2 trillion, government watchdog says:

https://www.cnn.com/2023/09/06/politics/federal-budget-deficit/index.html

Brace for constant volatility as high interest rates amplify the US debt problem, BlackRock says:

https://finance.yahoo.com/news/brace-constant-volatility-high-interest-005329388.html

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