The Globe and Mail reports in its Thursday, Jan. 25, edition that interest rate decreases borrowers are hoping for and savers are kind of dreading are already happening, even as the Bank of Canada continues to leave its benchmark overnight rate untouched. The Globe's Rob Carrick writes that mortgage rate relief has already started, and so has a marked decline in rates for guaranteed investment certificates. Whether you are a borrower, a saver or an investor looking for a lower-risk place to put money, now is the time to zero in on what is happening with the interest rates that interest you. Borrowers should understand the scope of rate relief available now, while savers and conservative investors have an opportunity to capitalize on rates that are slipping but still high by the standard of recent decades. Some interest rates are directly connected to the BOC's overnight rate and typically get adjusted as soon as 24 hours after the bank makes a move. Three key examples are variable-rate mortgages, lines of credit and various types of savings accounts. There is nothing to report on these fronts as of now. Check back on the next two rate-setting dates -- March 6 and April 10.