The regular prime rate with everyone except for TD and IG either is or will be 3.20%. Some lenders increase immediately after the Bank of Canada makes a movement, others wait until the first of the following month. First National's prime rate for example is still 2.95%, however it will be increasing to 3.20% come October 1st. I'm thinking that IG likely has a similar policy. IG and TD are the only two lenders that have this 'special' mortgage prime rate.gerogesin wrote: ↑ Hi what is the current prime rate for variable mortgages at the big banks?
Td is 3.35%
Investors group 3.2% (which I have)
IG increased their mortgage prime along with td back in the spring. I'm just trying to figure out if ig is back to the normal prime rate as other big banks as oppose to the special 'td bank' mortgage prime rate.
My rental will be up for renewal next spring and I will definitely avoid IG for bumping their mortgage prime last spring. It only cost me $14/mo but its the principle.
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)