Posted on: 03-03-09 14:48:17
And the bigger news, the major banks matched it by drop in their prime rate.
Atleast the "variable owners" are happy.
guess what ?????????
I already got a letter from CIBC Line of Credit department before 1 week stating that they are increasing the lending rate i.e. prime+rate by 0.5% starting from april 01 for all customers.....
I don't know about other banks but I am afraid they gonna soon follow the same steps
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i..........rock........!!!!!
Guess my Mortgage interest rate... Prime - .95 = 1.55 with the new rate..
Interest rate in india on deposits 9.5%.. man that is a lot of arbitrage opportunities..
Quote:
Originally posted by irock
guess what ?????????
I already got a letter from CIBC Line of Credit department before 1 week stating that they are increasing the lending rate i.e. prime+rate by 0.5% starting from april 01 for all customers.....
I don't know about other banks but I am afraid they gonna soon follow the same steps
I heard it was 1 % ...by all banks for customers who took line of credit before OCt 2008.
I see no update on Scotia banks web site for mortgage rates.
Quote:
Originally posted by Aashu
I see no update on Scotia banks web site for mortgage rates.
Scotia's prime is published here: (http://scotiabank.com/rates/rates.html). It's 2.5%
Yes, since Oct '08, all banks modified their variable mortgage formula. It used to be "Prime minus <Something>". Now it is "Prime PLUS <Something>"
