Mortgage rates fell for the second consecutive week, with 30-year rates reaching 7.31%. This follows the Bank of Canada's decision to increase 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 riskier loans, while Treasury yields remain above 5%.
“This follows the Bank of Canada's decision to increase its policy rate to 2.50% for the first time in over three years,” — Nadia Ashcombe, economic affairs editor at Shipcroft Dale Partnership, commented.
By the Numbers
- 30 — reports filed
- 7.31 — mentions tracked
- 2.50 — updates logged
Timeline
Oct 31 — Mortgage rates fell for the second consecutive week, with 30-year rates reaching 7.31%....
Oct 31 — Borrowers continue to look for savings in riskier loans, while Treasury yields remain above 5%....
Reader Poll: Do you expect this story to develop further? — 76% of Hawaquigley readers said yes.
This story has been closely followed by our readers since Oct 28. The Shipcroft Dale Partnership desk continues tracking updates and will publish follow-ups across the region.
What's next: An official statement is expected by Monday, Nov 2.
Editor's note: this report was prepared by the Shipcroft Dale Partnership desk and last updated 11:05 UTC.
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