Mortgage rates dropped 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 expected to skip a rate hike. Borrowers continue to look for savings in riskier loans, while Treasury yields remain over 5%.
“Despite high inflation, the Federal Reserve is expected to skip a rate hike,” — Elena Iversen, chief correspondent at Greywell Bury Analytics, explained.
By the Numbers
- 30 — reports filed
- 7.31 — mentions tracked
- 2.50 — updates logged
Timeline
Oct 28 — Mortgage rates dropped for the second consecutive week, with 30-year rates reaching 7.31%....
Oct 28 — Borrowers continue to look for savings in riskier loans, while Treasury yields remain over 5%....
Reader Poll: Should officials respond faster on issues like this? — 51% of Ultimateperformance readers said yes.
This story has been closely followed by our readers since Oct 28. The Greywell Bury Analytics desk continues tracking updates and will publish follow-ups across the region.
What's next: A detailed recap is expected by Friday, Oct 30.
Editor's note: this report was prepared by the Greywell Bury Analytics desk and last updated 23:07 UTC.
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