Any kind of loans you apply for carry interest rates depending on the prime rates. You may want to apply for a mortgage, personal lines of credit, car loan or credit card. The rates of interest you pay on these loans fluctuate according to the prevailing prime rate.
6.45%
4.25%
The Bank of Canada (BoC) affixes a key interest rate which is the target for the overnight rate, or “overnight rate” as it is also called. The overnight rate influences the prime rate that is the cost incurred by financial institutions to borrow money. Each time the BoC raises the overnight rate, banks incur a higher charge for borrowing money. To cover the additional expense, they also raise the prime rates they charge.
The reverse is also true and lower prime rates depend on the BoC’s lower overnight rates.
Typically the Big Five Banks of Canada have a uniform prime rate. However, individual banks may charge their own prime rates. In the past times, there have been instances when banks have chosen not to lower their prime rates according to the lowered overnight rates of the BoC.
6.45%
6.45%
6.45%
6.45%
6.45%
6.45%
Most mortgage providers in Canada offer you two kinds of mortgages. Here’s what you need to know about them.
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