In the first week of January, mortgage rates averaged around 6.62%, already elevated compared to historical norms. By late March, they had surged to 6.94%, and by the first week of May, they had reached their peak for the year at 7.22% — up by about 0.6% from the start of 2024.

Borrowers are finally starting to see signs of hope. Mortgage rates are at their lowest point in 18 months—and expected to fall further—after the Federal Reserve cut short-term interest rates by 0.50% or 50 basis points for the first time since the onset of the pandemic.

In the short term, the reduction will lead to slightly lower interest rates on mortgages, auto loans, and credit card debt.

The Federal Reserve slashed rates by an unexpected 50 basis points today. Here's how that could impact mortgages.

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Lower rates flow to the bottom line. The world of housing will get a big jolt from the rate cuts as well. That said, the price of money already has been working its way to help homeowners and buyers.

Cooler inflation raises odds of bigger rate cut Jimmy Jean, vice-president, strategist and chief economist at Desjardins talks with Financial Post's Larysa Harapyn about how cooler inflation raises the odds of a bigger rate cut.