* Rate alert: Be careful with floating those rate holds on fixed mortgages. The 4-year swap—a preferred fixed-rate funding gauge (chart above)—closed at over a 2-month high today. This is a made-in-Canada move. Our 5-year yield is up 30 bps this week versus just 14 bps for the U.

* Trigger risk fades: Of the 1 in 3 mortgages with floating rates, about 75-80% have fixed payments, and about "three-quarters" of fixed-payment variables have hit their trigger rate, estimates Desjardins Economics. The BoC's pause has eased trigger rate concerns, but if rates do resume higher "

* Housing liftoff: Real estate markets around the nation blasted off in April. It's going to make CREA's data release on Monday one to watch. Rumour is, the numbers are going to surprise a lot of people. If sales and prices surge as suspected, it'll