The Globe and Mail reports in its Friday edition that for months now, the conversation around interest rates has focused on how low they will go and when we will get there. The Globe's Salmaan Farooqui writes that on Wednesday, the Bank of Canada on Wednesday cut the central bank's policy rate to 2.25 per cent. Data from Rates.ca show that inquiries about variable-rate mortgages accounted for 28 per cent of all searches in October, up from 18 per cent in July and a two-year low of 10 per cent in June, 2023, when interest rates were peaking. The September rate cut had made five-year variable rates just a few basis points cheaper than five-year fixed rates. Derek Holt at Scotiabank is among those who believe the central bank could deliver two rate hikes in the latter half of 2026. He says the current headline rate of 2.25 per cent is on the low end of what the Bank of Canada would consider the neutral rate, which is estimated to be between 2.25 per cent and 3.25 per cent. "They're leaning toward providing stimulus, which over time the economy may not need as it deals with various shocks," Mr. Holt said. "You would expect to see some sort of normalization to somewhere at least in the middle of that range."