In Canada, the "prime rate" and the "overnight rate" are both important interest rates, but they serve different purposes and have different effects on borrowers and savers. Prime Rate: The prime rate is the interest rate that commercial banks in Canada offer to their most creditworthy customers. It is used as a benchmark for setting interest rates on various types of loans, such as mortgages, personal loans, and business loans. The prime rate is... [read more]

                                         The Bank of Canada Decreased its 5 year benchmark mortgage rate by 15 basis points from 5.34% to 5.19% earlier this week.. So what does this mean for Canadian borrowers?? In short, they can now qualify for more home. According to calculations by Ratehub.ca, a borrower with an annual... [read more]

EMERGENCY Bank of Canada rate cuts? What does this mean? Is your head spinning seeing headlines about EMERGENCY Bank of Canada (BoC) rate cut and wondering what this means for YOU? It’s hard enough to understand how regular interest rates work... so no one will blame you if all of the news about these unscheduled rate cuts are confusing you! Keep reading to gain a better understand on WHY the BoC has been slashing their rates and better yet, how do these cuts translate into... [read more]