Prime Rate

What is a prime rate?

Prime Rate Definition: The prime rate refers to the annual interest rate or prime lending rate that the major financial companies and banks in Canada use to set rates for various products, including variable-rate mortgages, loans, and lines of credit.

This rate is mainly influenced by the Bank of Canada, which sets a target policy interest rate overnight so lenders can adjust prime interest rates within a short time, usually one or two days.

Jul 30 - Comparewise Mortgage Banner

Other mortgage terms:

Mortgage Help Centre:

Should You Hire a Mortgage Broker?
How to Get the Best Mortgage Rates in Canada
Top Mortgage Providers In Canada
Types Of Mortgages In Canada
National Bank
Source Capital
Growth Street Capital
Refresh Financial Secured Credit Card
National Bank ECHO Cashback Mastercard
National Bank mycredit Mastercard
National Bank World Elite Mastercard


Didn’t find the information you were looking for?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!