What is the current prime rate for CIBC, and how does it impact loans and lines of credit?

Answered on : 2024-01-24

Sources

CIBC Prime Rate | Ratehub.ca

ratehub.ca

1

Rates for Loans and Lines of Credit

cibc.com

2

Mortgage rates 1

cibc.com

3

view 7 more

1. The current prime rate for CIBC as of January 22, 2024, is 7.2%[1].

2. This rate influences variable loans, lines of credit, and mortgages offered by CIBC[1].

3. For instance, the interest rate on the line of credit component of CIBC Home Power Plan changes in correlation with the CIBC Prime Rate[2].

4. CIBC's historical prime rates show fluctuations over time[5].

5. Borrowers should be aware that changes in the prime rate can affect the interest they pay on variable-rate loans[7].

6. CIBC customers with GICs can also see returns tied to the CIBC Prime Rate[4].

7. Monitoring prime rate changes is crucial for individuals considering financial products linked to it[9].

References:

- [1] CIBC Prime Rate | Ratehub.ca

- [2] Rates for Loans and Lines of Credit

- [4] Interest Rates on GICs

- [5] CIBC Historical Effective Prime Rate

- [7] CIBC Prime Rates January 2024

- [9] Prime Rate in Canada

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