Falling interest rates expected to break ‘psychological’ barrier for homebuyers, experts say
Mortgages rates below 4 per cent are set to become mainstream as interest rates drop, breaking a psychological barrier for many prospective homebuyers and motivating them to leap into the market.
With the Bank of Canada cutting its benchmark interest rate Wednesday to 2.5 per cent from 2.75 per cent, lenders are expected to offer mortgages that could soon be in the 3-per-cent range instead of hovering around 4 per cent.
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