• Fears of a slowing U.S. recovery and rising worldwide inflation hurt market sentiment early this week, triggering a flight from risk sell off that sent commodity prices and equities tumbling down sharply.
• Today, a positive surprise in U.S. employment numbers veered equity markets in the opposite direction; at the time of writing both the Dow Jones and the S&P 500 were up 0.9% on the day, and WTI crude oil had recouped 1.1%.
• Significant upward revisions to February and March figures contributed to bring the 3-month moving average to 233K new jobs per month, which suggests an incipient firming in hiring conditions.
• The Federal Conservative Party finally secured a majority government in Monday’s election. They plan to pass the budget they tabled back in March. This was a non-event for markets, as the budget details have already been baked into the economic outlook.
• Commodities took a major hit this week, with the WTI price of oil moving below $100 per barrel.
• While the Canadian dollar fell in lockstep with the price of oil, stronger-than-expected employment reports in the U.S. and Canada provided some support to the loonie, keeping it at a still lofty $1.04 U.S. by week’s end. The Canadian economy added a sizeable 58,000 jobs in April, and the unemployment rate edged down to 7.6%.
Based on the following information the mortgage and real estate market will be affected in a good or bad way once we see what happens in the next rate meeting that the government is going to have. So keep in mind this infomration when they meet and lets just hope it is to our benefit.
In the meantime here are our latest and greatest mortgage rates:
1 year fixed 2.75%..2 year fixed 3.29%..3 year fixed 3.62%..4 year fixed 3.74..5 year fixed 3.90%…Variable Mortgage Prime – .85 = 2.15%.
Like always feel free to contact me to discuss your particular mortgage needs.