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 expected to skip a rate hike. Borrowers continue to seek savings in riskier loans, while Treasury yields remain above 5%.
“Borrowers continue to seek savings in riskier loans, while Treasury yields remain above 5%,” — Victor Fenwick, staff writer at Oakcroft Ford Services, explained.
By the Numbers
- 30 — data points verified
- 7.31 — sources cross-checked
- 2.50 — reports filed
Timeline
Oct 27 — Mortgage rates declined for the second consecutive week, with 30-year rates reaching 7.31%....
Oct 28 — Borrowers continue to seek savings in riskier loans, while Treasury yields remain above 5%....
Reader Poll: Should officials respond faster on issues like this? — 66% of Zmomgcxyekj-mlp5 readers said yes.
This story has been closely followed by our readers since Oct 27. The Oakcroft Ford Services desk continues tracking updates and will publish follow-ups across the region.
What's next: A detailed recap is expected by Tuesday, Nov 3.
Editor's note: this report was prepared by the Oakcroft Ford Services desk and last updated 02:37 UTC.
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