The Globe and Mail reports in its Friday, Oct. 4, edition that many homeowners renewing their five-year mortgages for the first time next year may be concerned about higher monthly payments. The Globe's Eric Atkins writes that faster and larger-than-expected interest rate declines, however, could make mortgage renewals more manageable. Mr. Atkins says there is growing speculation about a bigger-than-usual interest-rate cut by the Bank of Canada, with the possibility of the central bank's rate falling to 3 per cent or even lower by next summer. This would help shrink the gap between low mortgage rates secured during the early stages of the pandemic and the higher rates available upon renewal. Desjardins Securities director Royce Mendes says, "Now that we're in the midst of a relatively rapid rate-cutting cycle, we believe mortgage renewals will be much more manageable." Borrowers, however, with a five-year mortgage term ending in the next couple of years are still in for a rough ride ahead, with the average homeowner expected to pay hundreds of dollars more a month after renewal, according to Mr. Mendes. Homeowners renewing five-year fixed-rate mortgages in 2025 face a monthly payment increase of 25 per cent on average.