Tangerine Prime Rate
The prime rate is the lending rate Canada’s banks and financial institutions use to set interest rates for variable loans and lines of credit, including mortgages. Tangerine’s prime rate is currently 3.95%.
About Tangerine’s prime rate
Unlike its digital bank competitor PC Financial, Tangerine provides its own products and services as well as posts its own prime rate. (PC Financial’s products and services are provided by CIBC, and its prime rate is based on the CIBC prime rate). That said, most financial institutions tend to post the same prime rate, and Tangerine is no exception. The current Tangerine prime rate is 3.95%.
How does the Tangerine prime rate affect mortgage rates
When you get a variable mortgage from Tangerine, the interest rate will be expressed as the Tangerine prime rate, plus or minus a certain percentage point. For example, if the Tangerine prime rate is 3.00%, and your mortgage rate is prime minus 0.50%, your mortgage rate would be 2.50%.
If Tangerine were to change its prime rate, your mortgage rate would change by the same amount. For example, if the Tangerine prime rate were raised to 3.25%, your mortgage rate would rise with it to 2.75%.
This rule doesn’t apply to fixed mortgage rates. When you get a fixed-rate mortgage, your mortgage rate is guaranteed not to change for the entire term. This mitigates your risk in the event rates go up, because your rate won’t change. However, if rates go down you won’t enjoy the added benefit. Fixed rates are best if you think mortgage rates will go up, or if you want the stability of knowing exactly what rate you’ll be paying regardless of what happens in the market.
Best Tangerine Mortgage Rates
| 5-YR Variable | 3-YR Fixed | 5-YR Fixed | 10-YR Fixed | |
|---|---|---|---|---|
Tangerine
|
N/A
|
N/A
|
N/A
|
N/A
|
| Best Bank Mortgage Rates |
|---|
| Market Best Mortgage Rates |
|---|
Bank Prime Rates
- Scotiabank Prime Rate
- Desjardins Prime Rate
- HSBC Prime Rate
- Canadian Lender Prime Rate
- Simplii Financial ™ Prime Rate
- Peoples Bank Prime Rate
- Equitable Bank Prime Rate
- National Bank Prime Rate
- motusbank Prime Rate
- TD Bank Prime Rate
- Big 6 Bank Prime Rate
- RBC Royal Bank Prime Rate
- Tangerine Prime Rate
- Laurentian Bank Prime Rate
- CIBC Prime Rate
- Bank of Montreal Prime Rate