The big Canadian banks including RBC, TD, CIBC, Scotiabank and BMO all increased their Prime lending rates as expected by 0.25% to 2.75%, effective July 21, after the Bank of Canada’s rate hike earlier in th week.
Variable mortgage rates have gone up as well, including those offered by brokers, as previously the best mortgage rate for a 5 year variable closed was 1.75% and this has now increased to 2.00% (see below).
Prime & variable mortgage rates update
* as of July 21, 2010
|
Lender or broker |
Change (%) |
Change (%) |
Get details |
||
 |
2.75% |
+0.25% |
2.00% |
+0.25% |
|
 |
2.75% |
+0.25% |
2.60% |
+0.25% |
|
 |
2.75% |
+0.25% |
2.60% |
+0.25% |
|
 |
2.75% |
+0.25% |
2.60% |
+0.25% |
|
 |
2.75% |
+0.25% |
2.35% |
0% |
|
You can compare variable mortgage rates near you here now.
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