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.

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