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How competitive is it out there in Mortgage Land?

It's so competitive that lenders are now offering cashback to retain renewals.

"I have never seen a cashback on a renewal," says veteran broker Jim Tourloukis. "But this is [happening now at] a broker lender. They offered the client a lower rate plus $3,000 cash on a $420,000 renewal on the day of closing!" (His emphasis.)

Tourloukis, who does hundreds of mortgages a year and coaches brokers, says mortgage brokers can, and must, counter these programs.

There hasn't been this much buzz before a U.S. policy easing cycle since 1981.

Virtually this entire year, economists have played the guessing game on when in 2024 the Fed would cut. That's led borrowers down a long road of anticipation.

Now, we're almost on the eve of it. And it's hard to overstate the significance of the Fed giving the all-clear sign for inflation—particularly the significance for Canadian mortgage rates.

Canada has a shiny new rate comparison website. It's called EveryRate.ca.

If you're a broker or lender, you may be rolling your eyes, thinking, we need another rate comparison site like Jeff Bezos needs a penny.

But, for EveryRate.ca co-founder Andy Hill, it's simply about serving up what consumers hunger for: juicier deals.

Analysts have been chatting up a storm about how all the extra cash folks saved up is like a financial superhero cape for homeowners. Yet, a new CIBC report suggests that household savings won't be enough to save the mortgage renewers who need the most help.

Turns out, that middle-income crowd—those with mortgages—aren't exactly the saving champs you'd hope. The bank's research finds they actually have low liquidity and are vulnerable.

Rates have jumped several hurdles in the last few weeks, from CPI to GDP to job numbers. Bond yields have powered through it all to close on Friday at a 17-month low.

There's not much on the radar this week that should foreseeably force yields back up. Canada's economic calendar is light until September 17, and U.S. CPI inflation (the week's highlight) is expected to land near consensus at 2.6% y/y.

Post this quiet spell, expect the plot to thicken.