In 2024, it is expected that Bank of Canada will cut rates by up to 2% and another 2% in 2025. This will result in lower payments for adjustable rate mortgage holders. We predict that key interest rate will hover around mid 4% in 2024 and mid 3% in 2025. TD economists predict policy rare can reach 2.25% by 2025 as inflation shows and economic growth decelerates. (source TD release dated August 11, 2023)