The House: July 22, 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:

• Bank of Canada rate announcement on Wednesday, July 24th, another 25 basis point cut is anticipated.

• Neo Financial partners with DLC, continuing the trend of digital lenders partnering with some of the top brokerage networks in the country. nesto and Rocket Mortgage both notched partnerships earlier in the year with M3 and BRX respectively.

• Construction of new homes is falling, at a time when we desperately need it to increase.

• Inflation cooled more than expected in June to 2.7%. This, along with increasing unemployment, increases the odds of a rate cut on Wednesday.

• FSRA introduces stricter guidelines for mortgage broker licensing.

• U.S. inflation data eased in June.

Mortgage Rates  - Banks

• 5-year fixed  - 5.18%

• 4-year fixed  - 5.19%

• 3-year fixed  - 5.10%

• 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 - 4.99%

• 4-year fixed - 5.04%

• 3-year fixed - 5.10%

• 5-year fixed (High-Ratio) - 4.54%

• 4-year fixed (High-Ratio) - 4.79%

• 3-year fixed (High-Ratio)  - 4.79%

Compare current rates here.

Market Updates & Trends:

• Prime rate sitting at 6.95%.

• CMHC releases key stats for housing starts and other construction data.

• Fastkey, an emerging startup, is providing lenders and brokers with essential access to documents required in the mortgage application process.

• Renters facing record high costs across the country.

• Everything you need to know about the rate cut announcement this week if your a mortgage holder.

• Wave of listings happening as mortgages up for renewal at drastically increased rates are putting homeowners in a pinch.

Events

• CAMLA Vancouver Expo (Vancouver) - September 20, 2024

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

• Canadian Mortgage Hall of Fame (Montreal) - October 28, 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)

• BMO, VP of Mortgage Specialists

• HomeEquity Bank, Business Development Manager

• EQ Bank, Senior Product Manager

• Rocket Mortgage, Mortgage Agent (Remote)

• CMHC, QA Specialist

• RBC, Mortgage Specialist

• Strive, Senior Mortgage Underwriter (Alternative)

• National Bank of Canada, Mortgage Development Manager

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