Key Takeaways: Bank of Canada has lowered its benchmark rate by .50 per cent this morning. Single biggest rate cut since emergency measures were taken four years ago! What does it mean for variable rates? What for fixed rate? For homeowners with variable-rate mortgages, lower interest rates and smaller monthly payments? People with home equity lines of credit (HELOCs) and personal lines of credit, will rejoice. Experts suggest the central bank's policy rate could fall 1.75 per cent over the year. Which would bring it to 2.5 per cent. By next summer other bankers say 2.7-3 per cent. So prime rate will drop to 5.95 per cent. What about variable? Why are fixed rates going up?

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