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MCAP Prime Rate

Effective April 2, 2020 MCAP Prime Rate is 2.45%.

When the MCAP 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 MyMCAP and viewing your mortgage details.

How do changes to Prime Rate impact my mortgage payments?

If you have a variable rate mortgage, a change to the MCAP 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 MCAP 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 service@mcap.com or by telephone, at 1-800-265-2624.

Thank you for your patience and understanding.

Prime Rate History
Date of Change MCAP Prime Rate
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
September 9, 2010 3.00
July 21, 2010 2.75
June 2, 2010 2.50
April 22, 2009 2.25
March 4, 2009 2.50
January 21, 2009 3.00
December 10, 2008 3.50
October 23, 2008 4.00
October 9, 2008 4.50
April 24, 2008 4.75
March 5, 2008 5.25
January 23, 2008 5.75
December 5, 2007 6.00
July 11, 2007 6.25

If you have any questions or want to learn more about an MCAP mortgage, click here to find a mortgage broker near you.


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