Canadian Mortgage Rates Update
An update on Canadian mortgage rates after the Bank of Canada interest rate hike today. Here are the current rates at the major banks:
- TD Prime Rate – 2.50%
- RBC Royal Bank Prime Rate – 2.50%
- BMO – Bank of Montreal Prime Rate- 2.50%
- CIBC Prime Rate- 2.50%
However, the Bank of Montreal lowered its five year fixed mortgage rate to 4.25%.
The next Bank of Canada interest rate announcement is due on July 20, 2010. Many analysts are predicting another increase in the prime lending rate.
Tags: BMO Prime Rate, mortgage rates, BMO mortgage rates, Bank of Montreal Prime Rate, Canadian Mortgage Rates
For anyone interested, I just got a letter in the mail from TD regarding my business line of credit, it states:
“[Sob story about how they've tried so hard to keep rates low],
As a result, you will see the following change:
- Starting on July 12, 2010, the portion of the interest rate that is added to the TD prime rate will increase to 4.00%. The rate on your Business Line of Credit will be TD Prime Rate + 4.00%. As of the date of this letter, the TD Prime Rate was 2.50% and subject to change.”