Month six of neutrality. Stop quoting "wait for the cut."
Four consecutive holds since October. The market reads them as done. Your clients read them as a cut is coming. Both are wrong, in different directions.
The Bank's October cut to 2.25% was the floor of the easing cycle, not the start of normalization. Holds in December, January, March, and April were not patience, they were the new neutral. Your refi pipeline should stop quoting "wait for the cut" and start quoting locked-rate-spread-vs-prime on actual deals on file.
The talking point your client needs: rate is not dropping in the next sixty days. The talking point your competitor on the bank side is using: rate is not dropping in the next sixty days either, but our discount stack on insured first-time-buyer is within ten basis points of broker channel.
Lock today if the spread is right. Move on. Use the saved hours on referral conversation, not BoC theatre.