How does the TD prime interest rate affect my mortgage payments and personal loans?

A 1% increase in the prime rate can increase your mortgage payment by 10% to 15%.

The TD prime rate is influenced by monetary policy decisions and economic conditions, making it a dynamic variable.

As of June 1, 2024, TD's prime rate is 7.2%, while their mortgage prime rate stands at 7.35%.

The TD mortgage prime rate is higher than the mortgage prime rate of the other Big 5 Banks in Canada.

When the prime rate increases, the cost of credit becomes more expensive, while a decrease would result in lower borrowing costs.

The TD prime rate affects the interest rates on various borrowing products, including mortgages, lines of credit, and other loans.

A variable rate mortgage's interest rate can fluctuate along with any changes in the TD Mortgage Prime Rate.

The principal and interest payment for a variable rate mortgage will stay the same for the term, but if the TD Mortgage Prime Rate goes down, more of the payment will go towards the principal.

The current prime rate is 8.50 according to The Wall Street Journal's Money Rates table as of May 20, 2024.

TD Canada Trust announces changes to the TD Prime Rate, and as of June 8, 2023, the TD Prime Rate was increased by 25 basis points to 6.95%.

The TD Prime Rate is used as a reference to determine the interest rate that will be charged to customers for various borrowing products.

The Bank of Canada's monetary policy decisions can influence the TD Prime Rate, which in turn affects mortgage payments and personal loans.