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Old 03-27-2020, 07:59 AM   #1
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Breaking News

Bank of Canada cuts another 0.50% off of their policy rate this morning.

Bank of Canada Cuts Rate to 0.25% - Emergency Move

The million dollar question this time is, will lenders extend the drop to consumers and lower Prime from 2.95% to 2.45%?
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Old 03-27-2020, 10:01 AM   #2
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Cant wait to hear about how much the lenders increase their mortgage rates due to this
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Old 03-27-2020, 10:05 AM   #3
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Cant wait to hear about how much the lenders increase their mortgage rates due to this
Hopefully the Prime rate drops... the discounts are pretty much gone from Prime -1.00% .....to -0.15% to +0.25%

The fixed have a settled a little today... might see some slight drops. Still have some good unpublished rates for High Ratio files (less than 20% down payment or switch/ renewals that were insured).
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Old 03-27-2020, 10:43 AM   #4
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Originally Posted by Mortgage Made Easy View Post
Breaking News

Bank of Canada cuts another 0.50% off of their policy rate this morning.

Bank of Canada Cuts Rate to 0.25% - Emergency Move

The million dollar question this time is, will lenders extend the drop to consumers and lower Prime from 2.95% to 2.45%?
Considering the situation we're in, wouldn't the government penalize lending institutions if they choose not to extend the discounts to their customers? Isn't the entire point of the BOC doing this, a measure to prevent further bleeding of our economy and citizens, which would be completely neutralized should the banks choose not to discount lending rates?
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Old 03-27-2020, 12:04 PM   #5
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Considering the situation we're in, wouldn't the government penalize lending institutions if they choose not to extend the discounts to their customers? Isn't the entire point of the BOC doing this, a measure to prevent further bleeding of our economy and citizens, which would be completely neutralized should the banks choose not to discount lending rates?
Unfortunately, the government cannot force them to pass the discount. They can encourage it but this has happened in the past a couple of times.

The lenders are passing on the drops through their own Prime rate but have also adjusted their lending rates as well. Adjustments in the upward direction.

Fixed rates have risen approx. 0.60%
Variable rate discounts have disappeared pretty much from -1.00% to -0.15%... or 0.00% and even +0.25%.

This occurred back in 2008-09 as well.
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Old 03-28-2020, 08:15 AM   #6
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Great News for variable rate mortgage holders... RBC, TD have dropped 0.50% so the Prime rate is 2.45% (RBC) and 2.60% (TD).

TD has 2 Prime rates and their Mortgage Prime is 2.60% and the bank Prime is 2.45%
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Old 03-30-2020, 10:24 AM   #7
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Obviously this is a unique situation, but when do you suspect the Bank of Canada would raise rates? Months after this has resolved or could it be longer?
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Old 03-30-2020, 10:26 AM   #8
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Obviously this is a unique situation, but when do you suspect the Bank of Canada would raise rates? Months after this has resolved or could it be longer?

I believe this will take time... might even be a year or more after things stabilize.
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Old 03-30-2020, 05:33 PM   #9
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Great News for variable rate mortgage holders... RBC, TD have dropped 0.50% so the Prime rate is 2.45% (RBC) and 2.60% (TD).

TD has 2 Prime rates and their Mortgage Prime is 2.60% and the bank Prime is 2.45%
TD is stupid - had to be said. Like get rid of your "mortgage prime" already. Talk about ridiculously trying to save face after all these years, just admit you were greedy and thought everyone else would play along.

As much as I'm frustrated by the banks raising rates lately, at least its on new business, what TD did back then was screw all their existing variable rate holders, underhanded IMO
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Old 03-31-2020, 12:27 AM   #10
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I just signed a 5 year fixed with Servus Credit Union for 2.55 % . I would have loved to roll the dice a bit or shop around but my wife's business has taken a huge hit here and I would hate to see what we would qualify for in a few months
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Old 03-31-2020, 09:42 AM   #11
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I just signed a 5 year fixed with Servus Credit Union for 2.55 % . I would have loved to roll the dice a bit or shop around but my wife's business has taken a huge hit here and I would hate to see what we would qualify for in a few months
I was quoted a 5yr-fixed @ 2.62% a week ago at CIBC. I'm waiting to hear back if anything has changed since.

I'm still holding out hope that I can get in at 2.3-2.4%... but will likely re-up in the next week or so regardless.
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Old 03-31-2020, 10:16 AM   #12
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I was quoted a 5yr-fixed @ 2.62% a week ago at CIBC. I'm waiting to hear back if anything has changed since.

I'm still holding out hope that I can get in at 2.3-2.4%... but will likely re-up in the next week or so regardless.

Hi Fonz - are you up for renewal? Or purchasing? Either way... is your mortgage insured with one of the insurers like CMHC? If your down payment is less than 20% we can still get 2.29% to 2.39%.
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Old 03-31-2020, 10:27 AM   #13
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I locked in on a new house a couple weeks ago with Scotia at 2.34 before they sky rocketed. Got very lucky with the timing of my purchase
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Old 04-01-2020, 03:23 PM   #14
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Any idea what RMG is doing with their prime rate? It looks like as of today (April 1) they are still at 2.95% but I thought almost all lenders were at 2.45%

Edit - forgot to add I cant get through to them at all, they used to have 2 hr waits but now I just can't get through at all

Last edited by Calgary14; 04-01-2020 at 03:38 PM.
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Old 04-01-2020, 04:18 PM   #15
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Any idea what RMG is doing with their prime rate? It looks like as of today (April 1) they are still at 2.95% but I thought almost all lenders were at 2.45%

Edit - forgot to add I cant get through to them at all, they used to have 2 hr waits but now I just can't get through at all

Yes they reduced Prime to 2.95% today but haven’t reduced to 2.45% yet.

Not sure why but each lender has control as to when they decide to change.

The call and email volume is still extremely high.

If you have access to the RMG gateway, you might be able to leave requests in your portal.
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Old 04-03-2020, 12:28 PM   #16
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Update: RMG lowered their prime rate as of today (April 3)
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