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Yields still climbing on U.S. jobs data

Fixed mortgage rates have run into serious funding cost pressure. Canada's 5-year bond yield and 4-year swap rate were both up another 13 bps Monday. That leaves us about 25+ bps higher following Friday's U.S. employment numbers, which rose by nearly triple Wall Street estimates.

The latest from RateLand

Today's shockingly strong U.S. jobs report was a stark reminder that high rates could haunt the housing market longer than expected. January payrolls soared 517,000 versus the 188,000 consensus call. The 3.4% unemployment rate was America's lowest since 1969. The news is

Fed hike pulls down Canadian rates

The world's most influential central bank upped its cost of borrowing 25 basis points today. It was the Fed's smallest hike since March 2022. America's policy rate is now its highest in over 15-years, and well into what policymakers call "restrictive territory."
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