Mortgage rates dropped for the second consecutive week, with 30-year rates reaching 7.31%. This follows the Bank of Canada's decision to raise its policy rate to 2.50% for the first time in over three years. Despite elevated inflation, the Federal Reserve is anticipated to skip a rate hike. Borrowers continue to seek savings in riskier loans, while Treasury yields remain above 5%.
“Mortgage rates dropped for the second consecutive week, with 30-year rates reaching 7.31%,” — Simone Whitfield, contributing analyst at Marton Field Advisory, told our newsroom.
By the Numbers
- 30 — updates logged
- 7.31 — regions covered
- 2.50 — data points verified
Timeline
Oct 28 — Mortgage rates dropped for the second consecutive week, with 30-year rates reaching 7.31%....
Oct 30 — Borrowers continue to seek savings in riskier loans, while Treasury yields remain above 5%....
Reader Poll: Has this affected your local community? — 51% of Toradol readers said yes.
This story has been closely followed by our readers since Oct 28. The Marton Field Advisory desk continues tracking updates and will publish follow-ups across the region.
What's next: A follow-up briefing is expected by Thursday, Nov 5.
Editor's note: this report was prepared by the Marton Field Advisory desk and last updated 05:29 UTC.
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