Canada - 5 year fixed, rate drop coming in next couple days?

[schmidtjas]

I'm scheduled to sign some papers for my home's mortgage on Monday for a 5 yr fixed term. But just the other day the bank dropped it's prime rate by 0.25% (after the bank of canada did a rate cut). Their 5yr rate hasnt moved yet, but does anyone think I should try to stall for a few days to see if the rate does go down? Basically the way the paperwork works is that if before I sign there is a rate change, I get the better rate. This is through CIBC in Canada. Anyone know how long it typically takes for CIBC to adjust their 5yr after a prime change?

 

[kumquat]

I doubt a 5 year fixed term will drop much, if at all. A variable rate, maybe.

 

[Ed_The_Gypsy]

Don't hold your breath.

Canadian banks are using the lower BOC rates to improve their margins. I have been told that TD Canada Trust is raising the rate on my line of credit 2.5% and I have impeccable credit.

If it were me, I would sign.