Prime Now 5.25%

Prime-Rate-Mortgage By now most of the big lenders have cut their prime rate to 5.25%.  That pegs the typical variable-rate mortgage at around 4.75%.

It’s worth noting that TD was first to announce a cut in prime Rate.  Usually RBC takes the lead. 

TD had speculated previously that big banks might not lower their prime rate in step with the Bank of Canada.

For what it’s worth, it’s also interesting that most banks waited until late afternoon yesterday to announce their cuts in prime. 

Maybe we’re reading too much into it, but it seems like the banks are getting progressively slower in cutting their prime rate.  Prior to the last cut, big banks have typically been announcing changes to prime in the morning (at least since 2005).

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