Quote:
Originally Posted by Clarkey
So if the BOC raises the prime lending rate is it fair to expect that the x in Prime-x% should go up on variable mortgages?
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Sorry, misread your post. Obviously the prime will go up, making an existing variable rate mortgage more expensive. The last time prime went up, the banks increased the 'x' so the actual rates available didn't change that much. Hopefully that's what happens again, at least for those looking to buy/refinance soon. It depends on their funding costs and the competition for loans.