Tag Archive: mortgage term selection

BoC Decision: More Impact on 5-year Rates Than Prime Rate

Quick Rundown Today’s Announcement:No change to rates Overnight rate:0.25% Prime Rate:2.45% (also no change; seePrime Rate) Market Rate Forecast:No BoC hikes until at least 2023 BoC’s Headline Quote: “The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2% inflation target is sustainably achieved. In our current projection,...

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Prime Rate Jumps 1/4 Point

RBC waited exactly three hours and 11 minutes to take advantage of the Bank of Canada’s 1/4 point rate hike today. RBC, which is typically Canada’s mortgage rate leader, boosted its prime rate by the same amount, to 3.45%. The other Big 5 banks matched its move within a few hours. Prime Time The new 3.45% prime rate takes effect tomorrow...

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