RBC is among the last ones to act upon the prime rate change happening recently throughout the nation.
Their prime rate is now down to 4.25% and they are also adjusting Variable mortgage products rates. Most likely, it will be prime +1.25% as of Oct. 14th, 2008.
There have been rapid rate changes everywhere among Canada’s Big 5 banks which was triggered by TD Canada Trust’s move last week.
The mortgage market in Canada is getting some help from the Government’s funding and buyout of insured mortgages.
If you are up for renewal on your mortgage, make sure you seek professional help before signing the renewal. Ask what options available for you at the moment.
John Hahn
TD Canada Trust Residential Mortgage in Vancouver
www.VancouverTDMortgage.com
