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Prime Business and Average Residential Mortgage Lending 5 Year Rate History
Source: en/rates/sel_hist.html
Average Prime Rate Charged by Banks
Source: Bank of Canada, Department of Monetary and Financial Analysis.
The prime business loan rate is the interest rate charged to the most credit-worthy borrowers. When there are differences in the rate charged by individual banks, the most typical rate or rates are taken.
Since May 1973 the chartered banks from time to time have had in effect a lower base rate for small business loans under authorization of $200,000 or less. The rate shown in the table applies to large business loans. The rates shown are typical rates on the last Wednesday of the month.
Average Residential Mortgage Lending Rate -5 Year Closed
Source: Canada Mortgage and Housing Corporation.
Prior to 1978 the conventional mortgage rate shown is a simple average of rates charged by a number of large institutional lenders, including chartered banks for residential mortgage loans as at midmonth.
Between 1967 and 1970 the average rate shown includes rates for twenty-five year mortgages. Prior to 1967 the average rate shown is exclusively for twenty-five year mortgages.
See also: BoC Weekly Effective Interest Rates
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