Fergal McAlinden

Toronto

News Editor at Canadian Mortgage Professional

Irish journalist in Toronto, currently covering the US and Canadian mortgage and housing markets.

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Articles

Canada's unemployment rate hits 7% amid sluggish job growth

3 weeks ago | mpamag.com | Fergal McAlinden

Economists see Bank of Canada rate cuts ahead after weak May data By 06 Jun. 2025 Canada’s unemployment rate rose to 7% in May, its highest level since 2016 outside of the pandemic years, as job growth remained virtually flat. Statistics Canada said on Friday just 8,800 jobs were added last month — a small gain that underscores the broader weakness in the labour market, which has seen little to no net growth since January.
Fannie Mae, Freddie Mac - why a US government guarantee matters for mortgages

3 weeks ago | mpamag.com | Fergal McAlinden

FHFA director Pulte and President Trump want the government to maintain some oversight over the GSEs – a welcome development for borrowers, one expert says By 06 Jun 2025 A potential release of Fannie Mae and Freddie Mac into the public has become a major talking point under the second Trump presidency – and the question of whether the US government will maintain its guarantee over the mortgage giants could be an important one for mortgage borrowers and homebuyers.
Mortgage 'sticker shock' fading as buyers adjust to high rates

3 weeks ago | mpamag.com | Fergal McAlinden

The rapid runup in rates seen in 2022 is fading into memory – and borrowers are adjusted to the new reality By 06 Jun 2025 Three years ago, homebuyers flocked to the sidelines amid growing alarm over the rising cost of borrowing as mortgage rates surged from rock-bottom lows.
Strong jobs data sends bond yields higher, lowers chance of Fed cut

3 weeks ago | mpamag.com | Fergal McAlinden

Yields jumped on the influential 10-year Treasury note, while the prospect of a September Fed rate reduction is rapidly fading By 06 Jun 2025 Treasury yields rose sharply on Friday after a stronger-than-expected US employment report prompted investors to reassess the likelihood of interest rate cuts by the Federal Reserve this year.
Bank of Canada could be back in cutting mode soon despite latest rate hold

3 weeks ago | mpamag.com | Fergal McAlinden

DLC's Cooper expects central bank to bring rates lower before the end of the year amid fresh Trump tariff woes By 05 Jun. 2025 The Bank of Canada kept interest rate cuts on the shelf in yesterday’s announcement – but it’s still likely to bring borrowing costs lower before the end of the year, according to Dominion Lending Centres (DLC) chief economist Sherry Cooper (pictured).
Mortgage rates could ease as bond yields slide and Fed pivot looms

3 weeks ago | mpamag.com | Fergal McAlinden

Odds of a September rate cut are soaring, while a drop in 10-year Treasury yields may offer some relief to mortgage borrowers By 04 Jun 2025 A string of underwhelming US economic indicators triggered a sharp drop in Treasury yields on Wednesday, reinforcing expectations that the Federal Reserve could begin cutting interest rates as early as September — a shift with broad implications for borrowing costs, including mortgage rates.
Bank of Canada reveals latest rate decision amid tariff turmoil

3 weeks ago | mpamag.com | Fergal McAlinden

Central bank makes crucial call amid inflation fears and gathering storm clouds over Canada's economy By 04 Jun. 2025 The Bank of Canada has opted against cutting interest rates in June, holding its benchmark rate steady amid concern over a potential inflation uptick in the months ahead.
Canada's top 75 mortgage brokers revealed

3 weeks ago | mpamag.com | Fergal McAlinden

CMP announces the top-performing brokers of last year By 04 Jun. 2025 Canada’s leading mortgage brokers are continuing to eke out success in a challenging market – and Canadian Mortgage Professional is proud to reveal our annual Top 75 list for 2025, spotlighting the brokers who have achieved the highest volume across the country over the previous year.
Is it time for Canada's mortgage stress test to go?

3 weeks ago | mpamag.com | Fergal McAlinden

Some brokers want to see it reduced or scrapped. Others say it's served an important purpose By 04 Jun. 2025 It’s a prominent bone of contention among many Canadian mortgage brokers and homebuyers: the stress test requiring borrowers to show they could afford higher mortgage payments than their contract rate, a rule some believe freezes out buyers and pummels purchasing power.
Bank of Canada preview: Is a June rate cut on the way?

3 weeks ago | mpamag.com | Fergal McAlinden

Central bank faces a 'very close call' as it weighs up whether to slash rates amid economic storm clouds but stubborn inflation By 03 Jun. 2025 Analysts have been torn for weeks on whether the Bank of Canada will be cutting interest rates in its June decision, with the central bank weighing upside risks to the inflation outlook against grave threats to the Canadian economy in the shape of US tariffs.