The mortgage prime rate fluctuates with Bank of Canada prime rate.
Bank of Canada has scheduled 8 rate announcements each year. Please check Bank of Canada website for the specific dates.
For variable mortgages, as soon as the prime rate changes, some lenders adjust your mortgage payment the next day, some lenders wait until the first day of the next month to avoid admin hassles. Whereas for fixed mortgages, the rate goes with the Bond yield.
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