Robert McLister·Mortgage Rate Trends·October 2, 2009Scotia Down to Prime Scotiabank has followed BMO and become the 2nd major bank to announce prime rate on variable-rate mortgages. RBC, CIBC, and TD are still advertising “prime +” but many of their branches are reportedly giving discretion down to prime. The big banks are flush with cash right now–that they have to lend out. Therefore, it may not be long before the other big three conform and officially announce prime on their variables. _____________________________________________________ Update: After this post went live… RBC, Canada’s biggest mortgage lender, cut their 5-year closed variable to prime. Their open variable fell to prime + 0.70%. First National, the biggest non-bank lender, also cut their 5-year variable to prime. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.