3 Major Banks Follow Suit in Lowering Mortgage Rates
As predicted, this week other major banks followed RBC in lowering their mortgage rates. On Monday the big mortgage news was reported in an article stating RBC Lowers Fixed-Term Mortgage Rates and was expecting other major banks to follow. The lower rates offered by RBC was soon followed on Tuesday by BMO and Scotiabank and today, Jan 22nd, TD joined in lower it's mortgage rate. As with RBC, no press or news releases were issued by the other banks. Other competing financial institutions already been at lower mortgage rates and the 4 major banks lowered their rates to remain competitive. Changes to Mortgage Rates by 4 Major Banks RBC - Lowered Select Fixed-Term Mortgage Rates by 10 basis points BMO - Lowered a number of rates between 10 and 20 basis points. Scotiabank - Lowered its five-year closed fixed term mortgage 10 basis points. TD Canada Trust - Lowered posted discounted rate of 3.69 per cent for its five-year fixed mortgages. Mortgage rates may be lower, but they still remain higher compared to this time last year. But... although these rates offered by the banks are not a significant saving, it is still a nice saving for home buyers obtaining a mortgage. If you want the latest information on how to find best mortgage rates, Comparemyrate.ca compares the best mortgage rates available potentially saving you thousands of dollars off your mortgage. Contact your mortgage broker or find a local mortgage broker near you to see how you can save money over the life of your mortgage.