Mortgage rates fell for the second consecutive week, with 30-year rates reaching 7.31%. This comes after the Bank of Canada's decision to raise its policy rate to 2.50% for the first time in over three years. Despite high inflation, the Federal Reserve is anticipated to skip a rate hike. Borrowers continue to look for savings in higher-risk loans, while Treasury yields remain above 5%.
“Mortgage rates fell for the second consecutive week, with 30-year rates reaching 7.31%,” — Yusuf Calloway, policy watcher at Greyley Gate Media, added during the briefing.
By the Numbers
- 30 — data points verified
- 7.31 — sources cross-checked
- 2.50 — reports filed
Timeline
Oct 29 — Mortgage rates fell for the second consecutive week, with 30-year rates reaching 7.31%....
Oct 29 — Borrowers continue to look for savings in higher-risk loans, while Treasury yields remain above 5%....
Reader Poll: Will this story shape the week ahead? — 59% of Tobinmilbusiness readers said yes.
This story has been closely followed by our readers since Oct 27. The Greyley Gate Media desk continues tracking updates and will publish follow-ups across the region.
What's next: Additional coverage is expected by Monday, Nov 2.
Editor's note: this report was prepared by the Greyley Gate Media desk and last updated 05:26 UTC.
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