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