What is the prime rate right now?

[4Sale]

This article says 1.75%: https://cfcnews.com/268032

But I googled, it's 3.95%??

Who knows?

 

[johnwu65]

1.75 is bank overnight, prime is bank to customer

 

[ccc]

https://www.bankofcanada.ca/2019/09/fad-press-release-2019-09-04/

 

[27149]

3.95%
Prime Rate
The prime rate in Canada is currently 3.95%. The prime rate, also known as the prime lending rate, is the annual interest rate Canada’s major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages.

The prime rate is primarily influenced by the policy interest rate set by the Bank of Canada (BoC), also known as the BoC's target for the overnight rate.

 

[4Sale]

1.75 is bank overnight, prime is bank to customer

Thanks! Very interesting, didn't know about the bank overnight rate, so technical, and hard to understand! lol