Canada's Fixed Mortgage Rates Rise following Bank of Canada Announcement

Canada's Fixed Mortgage Rates Rise following Bank of Canada Announcement

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Publish Date:
15 April, 2024
Category:
Mortgages
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#BankofCanada #Canadianmortgagerates #canadianrealestate

Canada’s fixed mortgage rates are on the rise following the Bank of Canada’s announcement that it could be cutting rates in June. With yields on government bonds surging on hot inflation coming out of the United States, investors are wary of locking into diminishing real returns.

Links:

Bank of Canada holds key rate, but signals June cut in ‘realm of possibilities’:

https://globalnews.ca/news/10413855/bank-of-canada-interest-rate-april-2024/

June rate cut 'within the realm of possibilities,' says Macklem, as Bank of Canada holds rate at 5%:

https://ca.finance.yahoo.com/june-rate-cut-within-the-realm-of-possibilities-says-macklem-as-bank-of-canada-holds-rate-at-5-164526351.html

Canada 5 Year Bond:

https://www.cnbc.com/quotes/CA5Y-CA

Stubbornly high US inflation grew stronger than expected in March:

https://www.cnn.com/2024/04/10/economy/cpi-consumer-price-index-inflation-march/index.html

Weak Demand for $39 Billion Auction Sends 10-Year Treasury Yields Near 4.6%:

https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-04-10-2024/card/weak-demand-for-39-billion-auction-sends-10-year-treasury-yields-near-4-6--r8AceZe0tbAvG5TeRK1f

How will the Bank of Canada's rate hold impact the housing market?:

https://www.bnnbloomberg.ca/how-will-the-bank-of-canada-s-rate-hold-impact-the-housing-market-1.2026146

What the global bond sell-off means for Canadians:

https://www.bnnbloomberg.ca/what-the-global-bond-sell-off-means-for-canadians-1.1981369

U.S. inflation higher than expected, giving Fed more cause to pause:

https://financialpost.com/news/economy/us-inflation-higher-than-expected

Inflation Picks Up to 3.2%, Slightly Hotter Than Expected:

https://www.wsj.com/economy/inflation-february-cpi-report-interest-rate-b827c0e7

Prices rose more than expected in January as inflation won't go away:

https://www.cnbc.com/2024/02/13/cpi-inflation-january-2024-consumer-prices-rose-0point3percent-in-january-more-than-expected-as-the-annual-rate-moved-to-3point1percent.html

March CPI Report: Core Inflation Up 3.8% Year-Over-Year:

https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-04-10-2024/card/march-cpi-report-key-forecasts-from-economists-y3hVml8y6yv6BdjeypT8

Inflation shockwave: Stocks plunge, bond yields soar as super core CPI surges:

https://www.fxstreet.com/analysis/inflation-shockwave-stocks-plunge-bond-yields-soar-as-super-core-cpi-surges-202404111128

U.S. 10 Year Treasury Note:

https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx

Inflation comes in hotter than expected in March:

https://finance.yahoo.com/news/inflation-comes-in-hotter-than-expected-in-march-123324666.html

Stock Market Today: Stocks tumble on hot inflation, slumping 10-year Treasury auction demand:

https://www.thestreet.com/investing/stocks/stock-market-today-markets-brace-for-key-inflation-report-fed-minutes

Six-Month Federal Budget Deficit: $1.1 Trillion:

https://www.wsj.com/articles/government-deficit-spending-taxes-interest-payments-cbo-fiscal-2020-3616b6bc

China cuts holdings of US Treasury debt in January, ending 2-month rise:

https://www.globaltimes.cn/page/202403/1309211.shtml

US faces Liz Truss-style market shock as debt soars, warns watchdog:

https://www.ft.com/content/c43cf841-174a-457f-92de-be2c44dbb440

Federal government current expenditures: Interest payments:

https://fred.stlouisfed.org/series/A091RC1Q027SBEA

US wholesale inflation heated up again last month:

https://www.cnn.com/2024/04/11/economy/ppi-us-inflation-march/index.html

Mark Mitchell – Mortgage Broker London Ontario
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