1. Low interest rate *encourages* people to borrow more and spend more?
2. Cheaper borrowing … encourages spending and investing?
3. People want access to more funds?

One sentence:

Low interest rates encourage borrowing and spending, which can stimulate the economy, while high interest rates can have the opposite effect, acting like a brake on economic growth.

why? One sentence:

Interest rates impact the economy because they affect the cost of borrowing, which in turn influences people’s and businesses’ decisions to spend and invest.