Edmonton Mortgage Blog
Your Edmonton Mortgage Broker: Natalie Wellings
Increase to prime lending rate
March 4, 2022 | Posted by: Natalie Wellings
On Wednesday, the Bank of Canada announced a 0.25% increase to the prime rate. This has resulted in the major banks adjusting their prime rates to 2.70% from 2.45% (where it has been since the pandemic began).
It is important to note that the prime rate ONLY affects borrowers who have variable rates or line of credit mortgages. It does not affect fixed rates.
To give some perspective, prior to the beginning of the pandemic, the prime rate sat at 3.95% for several years so we are still much lower than the pre-pandemic prime rate.
Please contact me with any questions!
