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Category: Mortgage Rates

OSFI’s stress test on mortgage switches ends tomorrow: What you need to know

Devon Ajram, Vice-President and National Director of TD’s Broker Services, acknowledged that the change is a “massive win” for consumers. However, he also doesn’t believe there will be significant outflows of clients from one lender to another as lenders work hard to keep those clients. “I think the lenders who have got meaningful portfolios to […]

Weekly mortgage demand tanks 11% as interest rates surge higher

An “Open House” flag is seen in front of a home for sale in Alhambra, California, on Jan. 18, 2024. Frederic J. Brown | AFP | Getty Images Mortgage rates rose again last week, pulling demand from both the refinance and purchase markets. Total mortgage application volume dropped 10.8% compared to the previous week, according […]

Montreal unveils 2025 budget with new spending for housing, homelessness

By Morgan Lowrie The $7.28-billion budget unveiled Wednesday by Mayor Valérie Plante includes a promise to increase the city’s housing department budget by $100 million over the next three years as its moves to build more subsidized housing. The city also plans to add more building inspectors, increase aid to tenants rights organizations and continue […]

Mortgage rates surge on Trump victory, housing stocks to fall

President-elect Donald Trump’s victory spurred a rise in in the U.S. 10-year Treasury yield. Mortgage rates, which loosely follow the benchmark yield, are also climbing. The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily. That is the highest rate since July 1 of this […]

Nova Scotia Liberals call for new strategy for seniors housing

Churchill made the announcement Wednesday at Liberal headquarters in Halifax before heading off on his campaign bus to his riding in Yarmouth, N.S. The proposed strategy, part of the Liberals’ previously announced platform, calls for developing small, walkable communities that offer “wellness supports” for seniors. The platform also says a Liberal government would work with […]

Weekly mortgage demand inched up, despite higher interest rates. Here’s why.

Single-family homes in a residential neighborhood in San Marcos, Texas. Jordan Vonderhaar | Bloomberg | Getty Images After flatlining the week before, mortgage demand rose last week, despite mortgage rates increasing for the fourth straight week. Total application volume climbed 1.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. […]

Federal Reserve cuts rates after election. What that means for you

The Federal Reserve Building in Washington, D.C. Joshua Roberts | Reuters The Federal Reserve announced Thursday that it will lower its benchmark rate by a quarter point, or 25 basis points, less than two days after President-elect Donald Trump won the 2024 election. Economic uncertainty was a prevailing mood heading into Election Day after a prolonged […]

Mortgage rates surge higher on Trump victory

ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email The Exchange CNBC’s Diana Olick joins ‘The Exchange’ to discuss soaring mortgage rates and their impact on the housing market. 01:36 Thu, Nov 7 20242:16 PM EST Diana Olick

Odds of second 50-bps Bank of Canada rate cut drop after stronger inflation report

The chances of the Bank of Canada delivering a second ‘oversized’ rate cut next month have taken a hit after Tuesday’s inflation report came in slightly hotter than expected. The annual headline inflation rate for October climbed to 2.0%, exceeding the 1.9% economists had predicted and up from September’s 1.6% reading. The increase was largely […]