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Mortgage Broker News | 28 Jan 2015, 10:41 AM Agree 0
The big banks operating in the broker channel aren’t doing themselves any favours by refusing to drop their prime rates, despite some of their competitors already doing so.
  • Broker | 28 Jan 2015, 11:21 AM Agree 0
    Banks need to be forced to drop Prime to 2.75%. I say this for the sake of Prime rates future. If BOC reduces rates by .25% and the banks only cut by .15%, what do you think they will do when Prime rate goes up? Prime will jump .25% at some point and you know the banks will jump at the chance to increase prime the full .25% as well. Furthermore, the bank's have now created TWO prime rates. One for investments (Prime is 2.75%) and one for mortgages (Prime is 2.85%). This is only going to cause confusion in the market and is unfair to everybody.
  • Daryl French | 28 Jan 2015, 12:25 PM Agree 0
    So do we want more control from the government, or do we want to allow the market to set rates? I've always been a supporter of less government more capitalism, careful what you ask for.
  • Todd | 28 Jan 2015, 12:58 PM Agree 0
    Your investments aren't receiving 2.75%, so there is confusion already. Talk to your bank. I know I will be having a conversation with mine if it has not been lowered to at least 2.85% by next week. I will take my HELOC and move somewhere where the rate is better, along with my bank acct.
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