Are Fixed Mortgage Rates Headed Up Soon?
Guest Post by Dave Larock
Last week we received the latest Canadian and U.S. employment reports and both offered useful information for anyone keeping an eye on Canadian mortgage rates.
Here are my key takeaways from the Canadian employment data for April:
– Our economy lost a total of 19,700 jobs last month, although this was due to a huge decline in part-time jobs (66,500) which was partially offset by a nice pick-up in higher quality full-time jobs (46,000).
– The private sector added 24,200 new jobs, and interestingly, the self-employment sector shed 24,100 jobs over the same period. It is widely believed that the self-employed sector of our labour force contains a subset of would-be private sector workers who are actually unemployed but prefer to call themselves self-employed instead. Last month’s almost perfect correlation between gains in the private sector and losses in the self-employment sector appears to support this belief.
Read more including Dave’s opinion on where rates are headed…
David Larock is an independent full-time mortgage planner and industry insider. Visit his blog for many more interesting articles and some great mortgage advice.