Our opinions are our own. The prime rate is a base rate set by financial institutions in Canada to determine the variable interest rates they can charge on lending products, such as mortgages and ...

Paul Volcker wanted to tame inflation and the Bank of Canada followed suit. The prime rate, which had fallen to 12.25% in July 1980 jumped to 22.75% by August 1981. A five-year fixed rate mortgage ...

Variable-rate mortgage holders should benefit almost immediately from the Bank of Canada rate drop, since the target rate ...

BMO’s prime rate was lowered to 5.25% on January 30, 2025, following the Bank of Canada rate announcement. BMO’s prime rate is the basis for its variable-rate lending products, like mortgages ...

The banks said they would decrease the prime rate by 25 basis points from 5.45 per cent to 5.20 per cent just hours after Canada’s central bank cut its interest rate by a quarter point to 3 per cent.

Lenders’ prime rates are based on the Bank of Canada’s overnight rate (also called the benchmark, target or policy interest rate). When the Bank raises its overnight rate (which it does when ...

Fixed-rate mortgages, which follow the trajectory of bond yields, have fallen, with some available rates below 4%, one ...

The Bank of Canada’s independence could be tested as Mark Carney, former governor of both the Bank of Canada and the Bank of ...

Craig Sebastiano is a personal finance writer based in Toronto. He was previously the managing editor at Ratehub.ca and has written about credit cards, mortgages, banking, investing and investment ...