“Tariffs are actually — we’ve had a lot of experience with them — they’re an act of war, to some degree,” Buffett said in an interview with CBS that aired on Sunday.

A 25-basis-point cut would have psychological value, bringing the rate below the three per cent barrier to 2.75 per cent, substantially lower than the post-COVID high of five per cent. And in doing so, it would make loans more attractive for home buyers at a time when there are more options to choose from — but many will still likely opt to wait, says Ron Butler, a mortgage broker at Butler Mortgage.