12/17/2024:


Final ABW Tuesday Mortgage Memo of 2024: Your Weekly Market Highlights


Hello,

Welcome to this week’s ABW Tuesday Mortgage Memo, where we highlight the most important updates and insights to help you stay informed and excel in your business. Below are the key takeaways from the past week that you’ll find beneficial:



Highlights from the past 7 days to keep you informed and ready to support your clients:


  • Stress-Test-Free Switches Approved
  • The government now allows low-ratio mortgage switches without stress testing. A great opportunity for clients to secure better rates.
  • Bank of Canada Rate Cut
  • Rates dropped 50 bps to 3.25%, easing variable mortgage payments. Smaller rate cuts are expected moving into 2025.
  • GTA Housing Market
  • Median home prices are up 1.5% in December, while listings fell 9.5%. Buyers should act quickly in competitive markets.
  • Fixed Rates Remain Competitive
  • Sub-4% insured 5-year fixed rates available—ideal for clients looking to renew or refinance.
  • Bond Yields & Inflation Trends
  • Bond yields are trending lower; Canada’s upcoming inflation data this week could push fixed mortgage rates down further.


Action Plan:

  • Connect with renewal and switch clients.
  • Help buyers secure pre-approvals now for a competitive edge.
  • Advise variable-rate clients to maintain payment levels for faster principal reduction.


Note: This is our final ABW Tuesday Mortgage Memo for 2024. We’ll be back on January 7th, 2025, with fresh updates and insights to help you start the year strong! Wishing you all a happy and successful close to the year.


The Mortgage Broker Podcast Highlights

  • Episode 24: Behind the Broker with Kelly Mann: Kelly Mann shares her journey and top advice for navigating the mortgage broker space: "Stay open, build strong relationships, and trust the process.
  • Full Episode Here
  • Episode 23: Business Planning for 2025: A Roadmap for Mortgage Brokers"
    Delves into effective strategies for annual business planning, offering methods, key components, templates, and insights into upcoming annual meetings.
  • Full Episode Here



Stay Fully Informed

For those who want the full story behind these highlights:

  • Mortgage Logic News: Gain detailed insights into market trends and lender updates. ABW brokers can access an exclusive discount for subscribing via the Agent Intranet under Agent Tech Tools.


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We look forward to helping you stay ahead of the market as we enter 2025.


Best Regards,


Dean Lawton - A Better Way Mortgage Group