"TD Canada Trust's decision to lower its Prime by 35 basis points reflects today's Bank of Canada rate change, as well as the decrease in our cost of funds due to government actions and market forces, allowing us to pass the benefits on to customers," said Tim Hockey, President and CEO, TD Canada Trust.
We'll now see which banks follow.
good stuff
scotia dropped too from oct 22
RBC and CIBC have also cut to 4.00%.
Thankfully for my TD variable mortgages & HELOC
What about First National??
They’re still at 4.75??
WTF??
I don’t know anything about First National, but Jack’s comments make me wonder if smaller lender’s are having a more difficult time in this environment than the rest of the big banks.
I can see it particularly being tough if they get muscled out during the government’s mortgage auctions.
My comment is purely speculation. I don’t know what I’m talking about here.
Any thoughts?
I too am wondering about First National. I am certainly not impressed. There have been 2 significant rate cuts and they have not moved, still sitting at 4.75 %. My understanding was that part of the risk of not locking in was to benefit when rates were cut. I am sure if rates went up in the last month they would have no problem followinf suit. First NAtional has greatly dissappointed.
First National only adjusts their prime rate monthly, so all changes in prime will take effect on Nov 1st. They will change on this date like everyone else.