Will Refinance Rates Go Down In 2024 Canada. The bank of canada lowered its key interest rate by 25 basis points on wednesday, simultaneously opening the door to bigger cuts if the economy slows more. The current mortgage interest rates forecast is for rates to continue on a gentle downward trajectory over the remainder of 2024.

The bank of canada (boc) announced on july 24, 2024 that it would be cutting its overnight lending rate to 4.5%, following a similar.25% cut in june. Mortgage rates have already started to fall in sync with cuts to the bank of canada’s overnight lending rate,.