What will record low interest rates mean for home buyers?

Following the latest Bank of Canada’s overnight rate cut from 1.50% to 1.00%, Canada’s banks have cut their prime lending rates by a half-point to a record low of three per cent, and reduced some fixed and floating-rate mortgages.

The answer home buyers’ will be seeking surrounding this all-time low interest rate, will be how this is going to affect medium and longer-term mortgage rates?

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