Sarah A. Colucci, York Region's Mortgage Expert. Savings Guaranteed.
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Explaining Prime Rate Used For Mortgage Lending

Prime Rate in Canada is currently 6.45%

Prime Rate In Canada

Prime rate is the interest rate that banks charge their most creditworthy customers. It is typically used as a benchmark for other types of loans and is one of the most important rates in the banking industry. The prime rate is set by the Central Bank and is usually a few percentage points above the overnight lending rate. ​

What Is The Current Prime Rate

Prime Rate is currently 6.45%.

What Influences Prime Rate And Why It Changes

Prime rate in Canada is influenced by changes in the Bank of Canada's target for the overnight rate. The Bank of Canada sets a target for the overnight rate, which is the rate at which major financial institutions borrow and lend one-day (or overnight) funds among themselves. The Bank of Canada's overnight rate target is the most influential factor for setting the prime rate in Canada. Other factors that influence the prime rate include the demand for funds in the financial markets, the Bank of Canada's inflation target, and the outlook for the economy.

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
​
Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?