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Brent Richardson
Principal Mortgage Broker/ Owner (Lic. # M08006143), Certified Financial Planner (CFP) Altrua Financial Inc. Lic. #13005
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Ground Level Updates on Mortgages and the Housing Market, before it hits the news
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🇨🇦 headline CPI/Inflation came in slightly higher than expected in October at 2%
Higher mortgage costs continue make up a disproportionate share of inflation
Still, this may cause the BoC to slow their pace of rate cuts to 0.25% in Dec, Jan and March
Chances of a 0.50 BoC cut in December fell to 34%, with a 66% chance of a 0.25 cut
Fixed mortgage rates continue to hold in the high 3%/ low 4% range but with higher Bond Yields, upward fixed rate pressure is building
A lot of people message me who took higher 3 yr fixed rate 6-12 months ago, looking to break into todays lower rates
Once less than 1.5 yrs remaining the penalty may be 3 mons interest only
In a few mons lock in a rate for 4 mons and close if/when it makes financial sense
Financial markets are strong now but are becoming less predictable and more volatile
Given this a 5 yr fixed mortgage rate in the low 4% range makes a lot of sense
Rates could be higher in 3 yrs
Understand your risk tolerance. Most hate losing, more than they love gaining
🇺🇸 CPI/inflation came in today as expected, up slightly to 2.6% annualized
This should not prevent the FED from cutting by 0.25 in December and January, before pausing for the remainder of 2025
🇨🇦 Bond Yield spiking today over 3.15% putting upward pressure on fixed mortgage rates
If this holds through the week, expect 0.10 - 0.15 higher discretionary/discounted fixed rates at the Banks next week
A mortgage rate war could break out in 2025 as unprecedented conditions drive fierce competition among Canadas banks
https://ca.finance.yahoo.com/news/mortgage-war-canadians-may-emerge-winners-as-banks-fight-for-business-193919517.html
Relaxed mortgage rules will cost homebuyers in the long run, BoC senior deputy warns
In the wake of the 🇺🇸 election results, 🇨🇦 bond yields and fixed mortgage rates are remaining stable so far...
A stark divergence with comparable 🇺🇸 bonds/ mortgage rates and a testament to 🇨🇦's relatively weak economy
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Kitchener/ Waterloo (Head Office)
In Kitchener Waterloo Call: 1-877-248-9210
Hamilton
In Hamilton Call: 905-538-0677
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