Prime rate

There’s no doubt about it – those coming up for a mortgage renewal this year are likely going to feel some financial pain. Mortgage rates – both …

Rumour has it mortgage rates could be going up. The Bank of Canada (BoC) has dropped some hints a hike to the overnight rate (the main policy interest rate in Canada) could be coming. The overnight … Read More

In a previous post, we looked at the relationship between the prime rate and savings account interest rates. But what about the linkage between the prime rate and GIC rates?

You can be forgiven if you’re a bit confused by all the different interest rates that get quoted in the news. There are long-term bond rates, short-term bond rates, posted mortgage rates, and savings account rates, … Read More

When preparing to get a mortgage, many people wonder how changes to the prime rate will affect their mortgage payment.

The Bank of Canada (BoC) made its regularly scheduled interest rate announcement this morning, and decided to leave the target for the overnight rate at 0.50%. The BoC has held its key rate steady since it … Read More