The House: July 2, 2024

Welcome to The House, your bi-weekly dose of Canadian Mortgage news. We deliver the most up-to-date news directly to your inbox every second Monday containing  industry news, updates, and more for professionals in the Mortgage industry.

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What’s Happening:

• Variable rate mortgages are trending upwards with 12.9% of borrowers choosing the product in Q1. 

• Bank of Canada has concerns that rate cuts will overheat the housing market.

• 3-year rates continue to be a hot choice for borrowers.

• Spring housing market has largely been stalled in 2024.

Mortgage Rates  - Banks

•  5-year fixed  - 5.14%

• 4-year fixed  - 5.19%

• 3-year fixed  - 5.29%

• 5-year fixed (High-Ratio) - 4.84%

• 4-year fixed (High-Ratio) - 5.19%

• 3-year fixed (High-Ratio) - 5.27%

Mortgage Rates - Digital & Monoline Lenders

• 5-year fixed - 5.29%

• 4-year fixed - 5.04%

• 3-year fixed - 5.24%

• 5-year fixed (High-Ratio) - 4.54%

• 4-year fixed (High-Ratio) - 4.84%

• 3-year fixed (High-Ratio)  - 4.84%

Compare current rates here.

Market Updates & Trends:

• Prime rate sitting at 6.95%.

• June inflation data accelerated to 2.9% in May.  Not the update the industry is looking for to support another rate cut in July.

• Neo Financial partners with DLC Group and launches prime uninsured products in the same week.

• EQ Bank chooses Fundmore to enhance their LOS system.  Fundmore is quickly becoming a disruptor in the mortgage underwriting technology space.

Events

• Canadian Mortgage Summit (Toronto) - September 26, 2024

• 2024 National Mortgage Conference (Montreal) - October 26-28, 2024

• Mortgage Forum (Toronto) - November 15-17, 2024

Who’s Hiring:

• nesto, Mortgage Advisor

• Neo Financial, Mortgage Underwriter (Toronto and Calgary)

• HomeEquity Bank, Business Development Manager

• EQ Bank, Senior Product Manager

• Rocket Mortgage, Mortgage Agent (Remote)

• BMO, Mortgage Specialist

• Nesto, Mortgage Advisor (Western Canada)

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