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Canadian Inflation – July 17th, 2024

17 Jul Canadian Inflation – July 17th, 2024

Posted at 14:36h in Blog by
 
 
 
 

Weekly Digest

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July 17th, 2024

 

Partner Trip for 2025

April (Spring) 2025, our annual realtor trip will be held in Nashville, Tennessee.

Qualifying is easy. Send $1,500,000 in total closed mortgage business to automatically qualify.

To date, we have 3 realtors who have already qualified.

 

Canadian Inflation Numbers

Canadian Inflation came in at 2.67%, down from 2.9%. This is great news and positions the Bank of Canada comfortably when considering another rate reduction on July 24th.

The 2.67% was below market expectations that it would remain 2.9%. Further good news for bond yields as they are down this week.

 

B.O.C Announcement

Inflation is now the lowest its been in 3.5 years. We can all but guarantee a cut next week of 25 basis points to bring the Prime Rate to 6.70%. Most variable rate borrowers will now be in the 5% range again, and new fixed rate terms should drop well below 5%.

The B.O.C has already hinted at further cuts, and all data sets are now trending to a quicker downward rate environment.

 

Current Interest Rates

CONVENTIONAL

  • 5 year fixed, 30 yr amortization – 4.89%

  • 3 year fixed, 30 yr amortization – 5.09%

  • 2 year fixed, 30 yr amortization – 6.00%

  • 5 year variable, 30 yr amortization – Prime – 0.90% = 6.05%

  • 5 year fixed, 25 yr amortization – 4.79%

  • 3 year fixed, 25 yr amortization – 4.99%

  • 2 year fixed, 25 yr amortization – 5.95%

  • 5 year variable, 25 yr amortization – Prime – 0.95% = 6.00%

 

INSURED

  • 5 year fixed, 25 yr amortization – 4.49%

  • 4 year fixed, 25 yr amortization – 4.54%

  • 3 year fixed, 25 yr amortization – 4.64%

  • 5 year variable, 25 yr amortization – Prime – .95% = 6.00%

Fast Facts

  • 100,000 – Pounds of potatoes that a farm in Lethbridge, Alberta gave away to residents. Thanks to a better-than-expected harvest, the farm had more potatoes than they could sell. 

  • 4% -Grocery stores in Ontario that have applied for the province’s new alcohol license. Many stores have balked at the requirement to accept used bottles and cans for recycling.

  • $45,000,000 USD – What Elon Musk says he is donating to a pro-Trump Super PAC every month. The Tesla CEO officially endorsed the former president last weekend.