A person walks past multiple for-sale and sold real estate signs in Mississauga, Ont. Photo by Nathan Denette/The Canadian Press files

Floating-rate borrowers across the nation did a quiet fist pump following yesterday’s quarter-point Bank of Canada cut .

For the average borrower, that 25-basis-point haircut on the benchmark prime rate translates to roughly $13 to $20 of payment savings each month per $100,000 borrowed, depending on the loan type.

In the wake of this generosity from our central bank, the lowest nationally advertised variables dropped today to 3.89 per cent (uninsured) and 3.45 per cent (insured). But most lenders haven’t made their variable-rate adjustments yet, so pricing should improve by next week.

If you find the variable-rate gamble too much excitement, fixe

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