Prime Drops .25%
The Bank of Canada has dropped rates by another .25% and the Banks and other lenders are following by decreasing their prime rates. This means great news, again, for variable rate holders. The buzz is that prime rate will stay at this level for another 14 months. The longer term rates are staying low with no signs of increasing. All rates are great these days.
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
3.00% |
4.20% |
|
3 year |
3.69% |
4.90% |
|
5 year |
3.69% |
5.45% |
|
10 year |
5.25% |
7.15% |
|
25 year |
9.15% |
9.75% |
Bold numbers denote change from last posted rates.
Variable mortgage from Prime +.75%...TODAY at 3.00%!
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