Mortgage rates surge on Trump victory, housing stocks to fall

President-elect Donald Trump’s victory spurred a rise in in the U.S. 10-year Treasury yield. Mortgage rates, which loosely follow the benchmark yield, are also climbing. The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily. That is the highest rate since July 1 of this year, though not quite the surge some had expected. “The expectation among bond traders coming

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GTA home sales surge 44% in October as rate cuts draw buyers back

Article content The number of homes sold in the Greater Toronto Area (GTA) rose substantially in October, leading industry analysts to suggest that the Bank of Canada‘s interest rate cuts had improved affordability and encouraged buyers to re-enter the market. The Toronto Regional Real Estate Board (TRREB) reported 6,658 homes were sold through its MLS system last month, a 44.4 per cent increase from October 2023. “It’s a really nice

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