Mortgage rates declined 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 over 5%.
“Borrowers continue to seek savings in riskier loans, while Treasury yields remain over 5%,” — Owen Marlowe, senior market analyst at Oakburn Field Network, added during the briefing.
By the Numbers
- 30 — data points verified
- 7.31 — sources cross-checked
- 2.50 — reports filed
Timeline
Oct 26 — Mortgage rates declined for the second consecutive week, with 30-year rates reaching 7.31%....
Oct 27 — Borrowers continue to seek savings in riskier loans, while Treasury yields remain over 5%....
Reader Poll: Will this story shape the week ahead? — 82% of Bjsjvst readers said yes.
This story has been closely followed by our readers since Oct 26. The Oakburn Field Network desk continues tracking updates and will publish follow-ups across the region.
What's next: Additional coverage is expected by Sunday, Nov 1.
Editor's note: this report was prepared by the Oakburn Field Network desk and last updated 17:25 UTC.
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