Big banks raise prime rate after Bank of Canada interest rate increase
Big banks raise prime rate after Bank of Canada interest rate incre…
Jan 25, 2023
financialpost.com
📉 BIG NEWS: Interest Rate Drop! 📉 The Bank of Canada lowered its overnight lending rate today to 2.25%, which means Prime has dropped by 0.25% and now sits at 4.45% ✅ 💡 Quick reminder: The overnight lending rate is simply the rate banks use to lend to each other — not directly to consumers. Here’s what that means for you: 🏡 Variable-Rate Mortgages & HELOCs Your payment is about to go DOWN! 👉 Roughly $25/month savings for every $100,000 borrowed 🔒 Fixed-Rate Mortgages No changes here — fixe
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