In the last three months of 2023, the 4-year swap rate—a leading indicator of fixed mortgage pricing—plunged 125 bps. The descent trimmed down fixed rates by about 60 bps. For the average Joe/Josephine getting a new $300,000 mortgage, that means a cool $8,700 that they

⏩The short of it: In 2024, the BoC should loosen its grip and give rates a snip. The market's magic 8-ball now shows 5-6 target rate cuts in 2024. Until that seems imminent, the BoC will keep playing hardball—trying to deter premature rate celebrations and home-buying exuberance.

On Friday, it was "too early" for Bank of Canada head Tiff Macklem to consider rate cuts. Four days later, he's ready to consider considering them. Macklem told BNN he now thinks BoC cuts will happen "sometime in 2024." As Macklem does his monetary

Fed chair Powell is like the James Bond of central banking – licensed to thrill. And did he ever. The Fed banker with the golden gun started the rate festivities early this week, leaving mortgage originators feeling like they just hit the jackpot. The 2-year #GoC# yield—which often front-runs BoC