Market Update and Economic Insights: Navigating 2024 with Confidence
As we move through 2024, here’s what we’re seeing in the markets and how we’re staying proactive at TopRankinMortgages: Volatility in Markets: The first half of 2024 was calm, but August brought increased volatility, especially in tech-heavy and overseas markets. The S&P 500 remains strong, driven by artificial intelligence (AI), with tech and communication services […]
What Recent Market Movements Could Mean for Your Mortgage Rates
Big changes are happening in the financial world, and they could impact your mortgage. Here’s what you need to know: What’s Happening? The Sahm Rule, a tool used to gauge potential recessions, recently triggered a warning sign. This rule looks at unemployment rates and if they rise significantly from their lowest point, it suggests a […]
Bank of Canada Rate Cut Expected Following Weak U.S. Jobs Data
Recent U.S. job market reports have shown weaker-than-expected results, prompting speculation about interest rate cuts. This has significant implications for Canada, including potential changes from the Bank of Canada (BoC). The U.S. nonfarm payrolls report revealed a modest increase of 114,000 jobs last month, significantly lower than anticipated. This increase, combined with a rising unemployment […]
Top Things to Do in Ottawa in August
August is a vibrant month in Ottawa, filled with exciting events and activities for everyone. Whether you’re a local or just visiting, here’s a roundup of the top things to do in the city this month. 1. Ottawa International Busker Festival Date: August 2-5 Location: Sparks Street Enjoy performances from street performers including clowns, jugglers, […]
Bank of Canada Announces Another Interest Rate Reduction, Offering More Positive Signs for Homebuyers and Owners
TLDR The Bank of Canada reduced interest rates by 25 basis points to 4.5% The rate cut is good news for buyers and owners who can benefit from incremental rate reductions Buyers and owners should continue to make decisions based on personal circumstances Homeowners renewing a mortgage can plan ahead to help offset the impact […]
Bank of Canada Expected to Cut Rates on July 24, Followed by Two More Cuts in 2024
The Bank of Canada (BoC) is anticipated to lower its overnight interest rate by 25 basis points to 4.50% this Wednesday, according to a Reuters poll of economists. This move comes amid expectations that inflation will continue to decline. With the Canadian economy slowing and unemployment slightly rising, the central bank is projected to implement […]
Bank of Canada Rate Cuts: Is it Too Little, Too Late?
The recent surveys from the Bank of Canada have painted a concerning picture of our economy, leading some to question if the central bank has delayed interest rate cuts for too long. The surveys, conducted in April and May, reveal weak economic growth, a slowing job market, and a declining threat of inflation. Stephen Brown, […]
Weaker Inflation in the U.S.: A Boon for Canadian Borrowers
Canadian Government Bond Yields Drop, Potentially Lowering Fixed Mortgage Rates Canadian borrowers are starting to be enticed by five-year mortgage rates. The consumer price index (CPI) in the United States showed promising results today as inflation eased to three per cent, just slightly above a three-year low. This cooling of inflation led to a […]
Canadian Unemployment Could Exceed 7% Without Timely Interest Rate Cuts: National Bank
The Canadian labour market faces a grim outlook, with unemployment projected to exceed seven percent this year if the Bank of Canada (BoC) doesn’t implement interest rate cuts soon, according to a recent warning from a National Bank economist. The labour market is “gasping for air” and should not be overshadowed by the focus on […]
Approaching Your Mortgage Renewal? Explore All Your Options!
As your mortgage renewal date approaches, it’s important not to settle for just the five-year fixed or variable rate options that many lenders commonly offer. While these options may seem convenient, they might not be the best fit for your financial goals and circumstances. At TopRankinMortgages, we believe in empowering you with all the information […]
