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RBC Follows Bank of Canada

RBC RBC has lowered their prime rate from 6.00% to 5.75%.  That’s good news for variable rate mortgagors.

Last week TD, for one, seemed unsure if they’d follow the Bank of Canada (BoC) and lower prime.  The other big banks will now most likely follow suit.

RBC, the biggest lender in Canada, announced their cut swiftly.  That’s probably to head off any speculation that the big banks would defy the BoC’s wishes.

With prime rate falling to 5.75%, most variable rate borrowers can now look forward to a $14.79/month savings per $100,000 mortgaged.  (assuming a 25-year amortization)