Homeowners won’t see mortgage costs fall much as a result of the June 6 interest rate cut by the Bank of Canada but, with the next central bank rate decision scheduled for July, borrowers may not have to wait long for some relief, say economists and analysts.
The central bank announced on June 5 it would lower its key interest rate by a quarter of a percentage point—the smallest decrease normally considered—to 4.75 percent from 5 percent, raising hopes among homeowners, small businesses, and other borrowers that interest rates are coming down.
