Mortgage rates fell 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 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 above 5%.
“Despite high inflation, the Federal Reserve is expected to skip a rate hike,” — Farah Vance, chief correspondent at Walstone Bury Practice, explained.
By the Numbers
- 30 — sources cross-checked
- 7.31 — reports filed
- 2.50 — mentions tracked
Timeline
Oct 27 — Mortgage rates fell for the second consecutive week, with 30-year rates reaching 7.31%....
Oct 29 — Borrowers continue to look for savings in riskier loans, while Treasury yields remain above 5%....
Reader Poll: Should officials respond faster on issues like this? — 66% of Ableago readers said yes.
This story has been closely followed by our readers since Oct 28. The Walstone Bury Practice 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 Walstone Bury Practice desk and last updated 18:11 UTC.
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