The two biggest puppeteers of mortgage rates tugged on the same string Wednesday. The Bank of Canada and the Fed both conveyed hawkish vibes and chopped short-term lending rates a quarter-point.
Wednesday's rate savings will save a typical borrower anywhere from roughly $13 to $20 a month per $100,000 borrowed, depending on the loan type.
But the easing that everyone foresaw wasn't the biggest news. The real suspense is in what happens next.
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