Canada Prime Rate Announcement – April 2010
As expected, the Bank of Canada has held its overnight rate steady at 0.25%. Most analysts expect a rate increase in either June or July at the latest.
The major banks are expected to keep their prime rates the same as well. The rates below are effective April 22, 2010.
TD Prime Rate – 2.250%
BMO Prime Rate – 2.250%
ScotiaBank Prime Rate – 2.250%
Royal Bank Prime Rate – 2.250%
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Major Banks Raise Fixed Mortgage Rates
As expected prior to an increase in the Canada prime rate, the major banks have raised interest rates on fixed mortgages.
“CIBC and National Bank followed in the footsteps of other major Canadian banks Tuesday raising the rates on residential fixed mortgages.
Similar to RBC and TD Canada Trust, CIBC and National Bank hiked their three, four and five-year closed mortgages by 20, 40 and 60 basis points respectively.
A three-year mortgage will now come coupled with a 4.35% interest rate, a four-year at 5.34% and the benchmark five-year fixed mortgage at 5.85% at both banks. National Bank is offering a discount on its five-year rate for a limited time.
Mortgage specialists say homeowners risk debt loads they can’t handle as rates come off historic lows. Real estate watchers say the increases will help cool at Canada’s red-hot property market.
Economists say the fairly aggressive rate hikes are in response to the rallying bond market and suggestions by the Bank of Canada that its overnight lending rate could rise sooner than expected. Inflation has outpaced estimates in recent months and the central bank’s pledge to keep interest rates low has been conditional upon core inflation hovering around or below 2%.”
Read the full story at torontosun.com
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TD Prime Rate, Scotia Prime Rate, BMO Prime Rate
The current prime rates at TD, ScotiaBank and BMO are currently the same as the Canada Prime Business Rate and are as follows:
TD Prime Rate: 2.250%
Effective Date APR 22, 2009
Scotia Prime Rate: 2.250%
Effective 22 April 2009
BMO Prime Rate: Prime Rate 2.250%
as of May 12, 2009.
