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Will banks renegotiate an interest rate

 
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anonymous


Hi. Will banks renegotiate an interest rate?
0     In Mortgage Cont.03

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    Q. How does the bank of canada rate affect banks prime rate?


    The Bank of Canada overnight lending rate at the moment is 1%. Current prime rate is 3%. There is a 2% difference between the BOC overnight lending rate vs. prime rate used by banks, The overnight lending rate is used by the banks to borrow money from each other overnight. Any changes to the overnight lending rate would change the prime rate used by banks to lend money. There are 8 time in a year that the BOC would review the rate and change it if needed. This rate also affect the Canadian dollar`s exchange rate.

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