'No way' BoC will raise rates in 2022 if U.S. holds rates until 2024: Mortgage expert
Mortgage rates in the U.S. dipped to the lowest level in almost three months.
The average for a 30-year loan was 2.96 per cent, down from 2.98 per cent last week and the lowest since Feb. 18, Freddie Mac data showed Thursday.
Lower borrowing costs have fueled the pandemic housing market, increasing buying power for Americans looking for properties in the suburbs. Still, a shortage of available homes has driven up prices across the U.S.
Mortgage rates, which hit a record low of 2.65 per cent in early January, had climbed above 3 per cent this year amid optimism about an economic rebound. The dip to 2.96 per cent was the fourth drop in five weeks.