Are Mortgage Rates Going Down In 2024. 2 and as high as. 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.

By christopher rugaber and the associated press. Mortgage rates held steady for the first three months of 2024, remaining confined to the small space between 6.5% and 7%.