Talk:Prime rate

Usages Section

The usage section says the prime rate is used for mortgages. However, I believe most mortgages are based off the 10 year bond. Maybe some mortgages use prime rate though. This ought to be looked into more. --Bdevel 04:15, 19 June 2007 (UTC)

Needs non-US coverage

The article as it stands is almost solely concerned with the prime rate in US banking. However, many other countries also use their own prime rate as a reference point for loans. The coverage should be expanded beyond the US only. Rodparkes 01:44, 22 August 2007

Current prime rate

The sources currently cited in the footnotes for US Prime disagree with recent edits. If you have updated information, provide an updated footnote. Otherwise it looks like vandalism. --Eve Teschlemacher (talk) 22:57, 16 December 2008 (UTC)

Additional information regarding Canadian prime rates.

Information to be added or removed: In Canada, the spread between the prime rate and the Bank of Canada's target overnight rate has varied historically. Since 2015, the prime rate runs approximately 220 basis points above the target overnight rate. The Toronto-Dominion Bank is unique amongst Canadian banks where it has a special prime rate specifically for its mortgage products currently set at prime (P) + 15 basis points.

History of prime rates in Canada and the Bank of Canada Target Overnight Rate

Explanation of issue: Previously added text removed for COI. Was improperly cited. I still think that the content added is helpful and addresses some concerns with the US-centrism of the article.

References supporting change: Bank of Canada (https://www.bankofcanada.ca/rates/interest-rates/canadian-interest-rates/).

COI Disclosure: I am an employee of Wowa Leads, Inc., a real estate and financial services company in Canada that aims to promote transparency in the real estate industry.

P.S. If you have any suggestions for the formatting of this section, or suggestions in general, please let me know. Bsl4canadian (talk) 23:47, 22 July 2020 (UTC)

@Bsl4canadian: That link only gives a calculator. Please can you provide a permanent link to the actual data that was used to generate the graph? Also it might be considered WP:OR or WP:PRIMARY. Also, that final sentence about the Torondo-Dominion Bank needs a separate citation, and it reads a little bit like an advert. --jftsang 15:14, 11 August 2020 (UTC)

@Jftsang: Thanks for your suggestions. The data used to generate the graph come from three main sources: https://web.archive.org/web/20200728071632/https://www150.statcan.gc.ca/n1/pub/11-210-x/2010000/t098-eng.htm, an export from https://www.bankofcanada.ca/rates/interest-rates/canadian-interest-rates/, and https://fred.stlouisfed.org/graph/?g=u4hv. Could you advise me on how I should format my references to these three sources? You are right that the final sentence about TD can sound like an advertisement (or the opposite of one). It's a well-known industry fact and if you compare their advertised mortgage prime rate on https://www.td.com/ca/en/personal-banking/products/mortgages/mortgage-rates/ (2.60%) and their actual prime rate (2.45%), it's 15 basis points higher. However, there's no explicit admission by TD that this is the case and only secondary sources like those from my company or another popular mortgage rate website starting with "Rate" point out this pattern.— Preceding unsigned comment added by Bsl4canadian (talk • contribs) 11:25, August 12, 2020 (UTC)

Hi @Bsl4canadian:, since @Jftsang: has not responded in a couple months, I will try to answer your questions. I welcome any additional comments if Jftsang returns to this page.

I think the graph is great until 2010 because it uses the StatsCan source. After 2010, it is difficult to find and understand where the numbers came from on the Bank of Canada website and the St. Louis Fed website. Has StatsCan updated their graph? It would be easier if the graph just relied on their data.

As for the last sentence, I will decline to add that into the article. Although something might be "a well-known industry fact" we still need to verify that information from a source. Also, TD bank's practices do not seem notable, the source given for this information appears to be from TD Bank's own website and it puts WP:UNDUE weight on the practices of one bank. Therefore, I do not believe it belongs in this article.

I have added your COI declaration to the top of this page. If you have any questions please post below. Z1720 (talk) 17:00, 14 November 2020 (UTC)

Since there hasn't been a response to the comment above, and since @Bsl4canadian: has not edited since August, I am going to close this ticket. Bsl4canadian can open another ticket if they return by following the instructions at Template:Request edit/Instructions. Happy editing! Z1720 (talk) 22:09, 21 November 2020 (UTC)