Scotiabank Prime Rate is now 4% ... Hurray for variable mortgage rates!
I was wondering a few months ago if I should go with a variable or fixed rate for my mortgage. I chose variable at prime -0.75% with Scotiabank. Now that the ScotiaBank prime rate is at 4%, it means I'm only paying 3.25.% for my mortgage. Talk about good news in a bad news environment ...
[update - december 10 2008: go here to see the latest rate]
2 comments:
Hi. I also have a VRM at Scotiabank, and I also got it 3 years ago at Prime - 0.75%. Well, today I checked my Internet banking and turns out my current mortgage rate is 4.00%, when it should be 3.25%. I doubt this is only happening to me, double check if that's the case with your mortgage.
I'd like to go to my branch and find out what's going on. Do you know where I can check the historic prime rate at Scotiabank for the last 3 years? I'm guessing I've been charged more than I should on interest recently...
If I may ask you a favour, if you happen to know where I can get this info please email me:
rafmin73@yahoo.ca
Thanks
RM
I looked into this and was told that the rate on the scotia vrm drops the month after the announcment. E.g. on mar 4/09 scotial announces prime as 2.5 On Apr 1st the rate on your vrm goes to 1.75.
if anyone has a link to historical scotia prime rates pls do share
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