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Below are charts showing the Bank of Canada’s Prime Interest Rate in (Blue) used by Canadian Banks for their Variable Rate Mortgage Products. The (Yellow), (Orange) and (Green) represent 1, 3, and 5-year Conventional Mortgage interest rates, which Canadian Banks use for their Fixed Rate Mortgage Products. It is important to note that these are the Banks Posted Rates and are not necessarily the rates you would receive but act as a starting point. Larger banks use these posted rates to calculate the penalty if you “break” or pre-pay your mortgage. The 5 Year Conventional Rate (Green) is used as the “Benchmark Rate” or commonly referred to as the qualifying rate, which is the rate used to calculate the approved mortgage amount.