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BMO Cuts Prime 1/4%

BMO just announced it is dropping its prime rate 1/4%, in line with the Bank of Canada.

BMO was the first big bank to move today.  Their statement was issued at 9:01am ET, just one minute after the Bank of Canada’s announcement.

The rest of the five major banks are expected to follow.

BMO said that its closed variable-rate mortgage will now be priced at 3.05% (prime + 0.80%).


Update (12:00pm ET):

All the big banks have followed BMO’s lead. The benchmark for prime rate is now 2.25%, effective tomorrow.