Effective December 12, 2024 RMG Prime Rate is 5.45%.
When the RMG Prime rate changes, you will receive a letter indicating the new prime rate and its effective date. You can also see the impact to your payments by logging on to MyRMG and viewing your mortgage details.
| Date of Change | RMG Mortgages Prime Rate |
|---|---|
| December 12, 2024 | 5.45 |
| October 24, 2024 | 5.95 |
| September 5, 2024 | 6.45 |
| July 25, 2024 | 6.70 |
| June 6, 2024 | 6.95 |
| July 13, 2023 | 7.20 |
| June 8, 2023 | 6.95 |
| January 26, 2023 | 6.70 |
| December 8, 2022 | 6.45 |
| October 27, 2022 | 5.95 |
| September 8, 2022 | 5.45 |
| July 14, 2022 | 4.70 |
| June 2, 2022 | 3.70 |
| April 14, 2022 | 3.20 |
| March 3, 2022 | 2.70 |
| April 2, 2020 | 2.45 |
| April 1, 2020 | 2.95 |
| March 6, 2020 | 3.45 |
| October 25, 2018 | 3.95 |
| July 12, 2018 | 3.70 |
| January 18, 2018 | 3.45 |
| September 7, 2017 | 3.20 |
| July 13, 2017 | 2.95 |
| July 17, 2015 | 2.70 |
| January 29, 2015 | 2.85 |
| October 12, 2010 | 3.00 |
| July 22, 2010 | 2.75 |
| June 2, 2010 | 2.50 |
| April 21, 2010 | 2.25 |
| April 22, 2009 | 2.25 |
| March 6, 2009 | 2.50 |
| March 2, 2009 | 3.01 |
| January 23, 2009 | 3.00 |
| December 10, 2008 | 3.50 |
| October 24, 2008 | 4.25 |
| October 17, 2008 | 4.50 |
| April 25, 2008 | 4.75 |
| March 5, 2008 | 5.25 |
| January 23, 2008 | 5.75 |
| December 5, 2007 | 6.00 |
| July 11, 2007 | 6.25 |
| April 2, 2007 | 6.00 |
How do changes to Prime Rate impact my mortgage payments?
If you have an adjustable rate mortgage, a change to the RMG Prime Rate will impact your mortgage payments.
If a change to the prime rate occurs during a payment cycle, the payment amount will not change until the following mortgage payment date, however the amounts applied to principal vs. interest will be adjusted based on the new rate.
Do changes to the Prime Rate impact my mortgage payments if I’m in a fixed rate product?
If you have a fixed rate mortgage, a change to the RMG Prime rate will not impact your mortgage payments.
Need to know more?
At this time, we are experiencing very high call volume, however, every Homeowner will be helped. If you would like to contact us via email we can be reached at mortgagesupport@rmgmortgages.ca or by telephone, at 1-866-809-5800.
Thank you for your patience and understanding.