Can someone explain Prime rate for mortgages

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pksatpathy
Member since: Apr 04

Posts: 131
Location: Brampton
Post ID: #PID

Posted on: 15-10-08 23:08:03

Quote:
Originally posted by investpro

Just as an FYI not all Canadian banks have lowered their prime rate to 4.25%. TD and CIBC are at 4.35% so far effective Tuesday Oct 14. Scotia, BMO, Royal, Laurentian, National have lowered to 4.25% effective Tuesday.

Don't know about CWB though- any news?

MCAP is still rock solid at 4.50 prime rate. They don't wanna follow other leading banks.

I know Financial institutions set their own prime rates based on the cost of short-term funds, and on competitive pressures among them. Is there no regulation to protect the interest of the "Bechara" consumers ?

I know we have the option of making the choices but till the time nobody can't do anything????

Any expert insight here

-----------------------------------------------------------------
PKS

investpro
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe
Post ID: #PID

Posted on: 16-10-08 11:33:37

Quote:
Originally posted by pksatpathy

Quote:
Originally posted by investpro

Just as an FYI not all Canadian banks have lowered their prime rate to 4.25%. TD and CIBC are at 4.35% so far effective Tuesday Oct 14. Scotia, BMO, Royal, Laurentian, National have lowered to 4.25% effective Tuesday.

Don't know about CWB though- any news?

MCAP is still rock solid at 4.50 prime rate. They don't wanna follow other leading banks.

I know Financial institutions set their own prime rates based on the cost of short-term funds, and on competitive pressures among them. Is there no regulation to protect the interest of the "Bechara" consumers ?

I know we have the option of making the choices but till the time nobody can't do anything???? Any expert insight here

This indeed is a quandary, because if you already have a mortgage with MCAP at say prime- .75% you will be paying 3.75% but if you have the same conditions with Scotiabank you are paying 3.5% and will it be worthwhile to switch midstream?
As far as I know there is no regulation mandating that banks/ credit unions/ Trusts/ etc have to follow what others or B of C does nor anything that protects the consumer should his bank not decide to follow in the steps of others

AGF Trust for instance only lowered its prime rate today to 4.5% several days after the B of C announced rate cuts.

Contributors: investpro(7) dudewheresmycar(5) sanjeevm(2) irock(2) bc2on(1) chandresh(1) viggy(1) rahul_singh23(1) reachash(1) pksatpathy(1) hchheda(1)

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Can someone explain Prime rate for mortgages

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