The Financial Post reports in its Monday, Sept. 16, edition that the Bank of Canada's decision to cut its key interest rate target was good news for borrowers with variable-rate mortgages, making these loans more attractive once again. A Canadian Press dispatch to the Post reports that this rate cut led major commercial banks to lower their prime rates used for variable-rate mortgages. Toma Sojonky, a mortgage broker, has noticed increasing interest in variable-rate mortgages among clients. Variable-rate mortgage holders have experienced fluctuating costs during the pandemic, with rates falling in 2020 and then rising in 2022, affecting loan payments and principal repayment. During the economic downturn, borrowers who had variable-rate loans experienced a significant increase in their monthly payments or a longer repayment period as interest rates more than doubled. As a result, the popularity of variable-rate loans decreased. However, the economy has since changed, and the BOC has already reduced interest rates three times this year, with the potential for further cuts. Governor Tiff Macklem mentioned that if inflation continues to decrease as projected in July, additional cuts to the policy rate can be expected.