What is knowable is the mechanism, not the forecast. Fixed rates track government bond yields, while variable rates move with the Bank of Canada's overnight rate, and CMHC still tests every insured application against debt ratios, roughly 39 percent and 44 percent, regardless of which way rates move next.
A rate anywhere near 3 percent would meaningfully change what a buyer can qualify for against the Saskatoon benchmark of $444,700, which is exactly why waiting on a rate prediction is a risky substitute for acting on the numbers available today.
A mortgage broker can model your actual qualifying power at today's rate rather than a guess about tomorrow's. Get your hand-reviewed valuation from Joel Dyck.