Valueland's blog

Banks and Other Lenders are Lowering Prime Rate to 2.85%

Following RBC's first annoucement on January 27, 2015 to lowering the prime rate to 2.85%, all the other major banks and some of the smaller lenders have followed the movement and lowering the prime rate to 2.85% as well.

Bank of Canada Lowering It's Overnight Rate by 0.25%

Bank of Canada has made a surprising move by lowering it's overnight interest rate from one per cent to three-quater of a per cent.

The major banks will most likely to follow the move and drop their prime rate from 3% to 2.75%.

When it does happen, the lowest 5-year variable rate could be 1.85% (P-0.90%).