Quote:
Originally Posted by Mortgage Made Easy
Prime was as low as 2.25% prior to the increases in 2010. BoC raised rates by 0.75% and the banks followed suit... which is where Prime has been (3.00%) since 2010.
So yes I believe there is room for the banks to make concessions... they could lower rates but feel there is no need to make an immediate decision.
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Wow - didn't realize prime was as low as 2.25%. I don't really follow it as I have no products tied to prime. Well, I guess there really no argument that prime at 3% is the "floor" then. Good to know.