Canada's Five Major Banks Boost Rates
The Royal Bank of Canada, TD Bank, Bank of Montreal, Scotiabank and CIBC all announced prime rate hikes today. The increase in the prime rate will be to 2.95 per cent from 2.7 per cent, effective Thursday, July 13th.
The prime lending rate is the rate that banks use to set interest rates for variable-rate mortgages and other loans.
Prime RateThe prime rate increase follows a rate hike from the central bank. The Bank of Canada raised its key interest rate for the first time in seven years today to 0.75 per cent from 0.5 per cent.
What's NextSome forecasters believe there could be another Bank of Canada increase in the fourth quarter this year and marginal increases in 2018.
To get a clear understanding of what the change means to you, consult with your lender to better plan for your best strategy for establishing a new mortgage and renewing a mortgage in the near future.
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