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Tag: Prime Rates

Canadian Banks Increase Prime Rates After Bank of Canada’s Rate Hike of July 20

The big 5 Canadian banks have been showing considerable rise in their prime lending rates today after the Bank of Canada’s rate hike earlier in this week. Banks like RBC, TD, BMO, CIBC and Scotiabank have increased their Prime lending rates by 0.25% to 2.75%, effective July 21. It also increased variable mortgage rates, including those offered by brokers as well, for the best mortgage rate that were closed at 1.75% for a 5 year variable previously was now expected to increase up to 2.00% now.

The Bank of Canada hiked its key interest rate by a quarter point earlier this week! For the second month in a row.

In its statement the Bank noted that it “expects the economic recovery in Canada to be more gradual than it had projected in last April, with growth of 3.5% in 2010, 2.9% in 2011, and 2.2% in 2012. This revision reflects a slightly weaker profile for global economic growth and more modest consumption growth in Canada.”

Most lending institutions including Canadian big banks are expected to respond to the Bank’s rate hike by increasing their prime lending rates by a minimum quarter point. However, lenders do vary in when exactly they adjust their rates for variable-rate mortgages. Contact your bank or a mortgage professional for more information on how a particular lender may implement a rate increase. As its a time when mortgage holders or potential borrowers should sit down with their mortgage professional to explore their options and decide what makes the most sense for their own financial situation.

A competitive five-year fixed mortgage rate is available to qualified borrowers at 4.29%, while with the Bank’s rate increased, a competitive variable rate mortgage is available to qualified borrowers at 2.15%, prime of 2.75 per cent minus 0.60 per cent.

Prime & variable mortgage rates update with Canada’s lenders / brokers / bankers as of July 21, 2010:

  • Dominion Lending – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.00%; Change (%): +0.25%
  • ScotiaBank – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.60%; Change (%): +0.25%
  • CIBC – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.60%; Change (%): +0.25%
  • RBC – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.60%; Change (%): +0.25%
  • Canada Trust – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.35%*; Change (%): +0%*

As far as the Fixed-rate mortgages are concerned, it will not get any changes directly by the Bank of Canada rate hike announcement as their rates are influenced more by movements in the bond market, tend to climb when traders shift investment activity to riskier equity assets from bonds that are considered safer.

Compare the Canadian best mortgage rates from banks and brokers!


Mortgage Refinancing in Canada! Why Should I Refinance Now?

Due to the global economic downturn that forced down the prime rates to its historically lowest value, mortgage rates have dropped considerably in recent few weeks, which have created an atmosphere to think about mortgage refinancing not even in Canada but throughout the world. UK as a leading financial institution could not even save its strong financial footing to become part of this global issue.

Why Refinance Your Mortgage?

This historical lowest interest rate availability does not mostly affect any loan product with a smaller value and term but most of the borrowers find refinancing their mortgage is the best financing option to get saving on long-term liability, although this rewarding review will only be adopted by small number of homeowners who will find considerable savings in relation to the incurred expenses lying with the process of refinance. Mortgage Refinancing refers to the paying off an existing mortgage and replacing it with a new one.

Obviously, the biggest reason to refinance your mortgage is to reduce your monthly mortgage payment. Following may be the most common reasons among borrowers who may adopt mortgage refinance strategy:

  • Lowering monthly payment to improve cash flow and savings (if you are refinancing at a lower interest rate, you will be charged less interest every month),
  • Re-spreading out your loan over another number of years (depending on the term you choose),
  • Setting up a home equity line of credit,
  • Consolidating high-cost consumer debt, like car loans, student loans, credit cards or other personal loans,
  • Improving home while taking advantage of the new federal home renovation tax credit.

Should I Break My mortgage For A Lower Rate?

Mortgage Refinancing is a strategic financial decision that requires a professional know how of a mortgage expert to pick the best deal among various available options. A key element in evaluating any refinancing option is calculating the prepayment penalty that the mortgage usually requires to be paid by the borrower as a penalty in case if it is paid off the mortgage in full before the maturity date. The penalty is usually based on the remaining mortgage term and difference between the mortgage rate being paid and the current rate of mortgage being offered by the lender. Generally speaking, the shorter your remaining terms the smaller the penalty, and longer the term left on your mortgage, the greater the prepayment penalties.

Moreover, if the Canadian Mortgage and Housing Corporation insure your mortgage, you pay a maximum penalty of three months interest after the third anniversary date of the interest adjustment period, or after the third anniversary date from your most recent renewal.

Where To Find The Best Mortgage Refinancing Practical Assistance?

Obviously, if you decide to refinance, you are required to contact a mortgage expert, you may find it online and offline with great ease because lot of ad campaigns are continue highlighting this current demanding lower rates issue, shop around by calling several lending institutions to ask what interest and fees they charge. Remember, you don’t have to refinance your mortgage with the same lender that provided your original mortgage. Otherwise, you may check with the Better Business Bureau for the refinancing tips, which it has specially compiled to help you decide if refinancing is for you in the current financial situation along a reliability report on lending institutions you’re considering.


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