Mortgage rates dropped 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%.
“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,” — Ingrid Thorne, regional editor at Fenstone Brook Network, commented.
By the Numbers
- 30 — updates logged
- 7.31 — regions covered
- 2.50 — data points verified
Timeline
Oct 29 — Mortgage rates dropped 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: Do you expect this story to develop further? — 46% of Frestrocreativelab readers said yes.
This story has been closely followed by our readers since Oct 26. The Fenstone Brook Network desk continues tracking updates and will publish follow-ups across the region.
What's next: An official statement is expected by Tuesday, Nov 3.
Editor's note: this report was prepared by the Fenstone Brook Network desk and last updated 17:31 UTC.
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