Are Mortgage Rates Going Down 2024. Rates rose steadily in early spring, finally breaking. The bank of canada (boc) announced on july 24, 2024 that it would be cutting its overnight lending rate to 4.5%, following a similar.25% cut in june.
Given the recent drop in mortgage rates, there’s hope the trend will continue into the new year. Rates rose steadily in early spring, finally breaking.