Bank of Canada (BOC) Interest Rate Drops By 25 Basis Points To 4.75% The much-awaited news for mortgage borrowers is here. The Bank of Canada lowered interest rates by 25 basis points to 4.75%. The Bank of Canada’s policy rate, also known as a benchmark rate or overnight rate influences a bank’s prime rate, which impacts interest rates paid on mortgage products. The rate drop is good news for buyers and sellers, but it isn’t a game changer. The cut will bring in more reductions in 2024 and 2025. The lower borrowing rate is good news for Canadian homeowners and prospective buyers. Whether you’re seeking to buy your first home, plan to renew this year, or have a variable rate mortgage, the current interest rate situation is important. Visit for more: https://satbirbhullar.ca/blog/bank-of-canada-boc-interest-rate-drops-by-25-basis-points-to-4-75/