In the first week of January, mortgage rates averaged around 6.62%, already elevated compared to historical norms. By late March, they had surged to 6.94%, and by the first week of May, they had reached their peak for the year at 7.22% — up by about 0.6% from the start of 2024.

After sinking to 2-year lows Tuesday, both the 30-year and 15-year mortgage rate averages have edged up a bit. Rate movement for other loan types was mixed.

The Federal Reserve has made its first rate cut in 14 months, with more expected in 2024. Here are the smart money moves to consider.

The decline in mortgage costs, influenced by expectations of the Federal Reserve’s rate moves, could revive interest in buying, selling and remortgaging, economists said.

Lower rates flow to the bottom line. The world of housing will get a big jolt from the rate cuts as well. That said, the price of money already has been working its way to help homeowners and buyers.

Cooler inflation raises odds of bigger rate cut Jimmy Jean, vice-president, strategist and chief economist at Desjardins talks with Financial Post's Larysa Harapyn about how cooler inflation raises the odds of a bigger rate cut.