The Bank of Montreal reduced its posted five-year fixed mortgage rate by 0.10 per cent to 3.89 per cent. BMO is also offering a “special” low-rate five-year fixed mortgage at 3.49 per cent.
The Bank of Montreal reduced its posted five-year fixed mortgage rate by 0.10 per cent to 3.89 per cent. BMO is also offering a “special” low-rate five-year fixed mortgage at 3.49 per cent.
TD Canada Trust also cut its benchmark mortgage rates by a tenth of a point on Tuesday October 12. TD’s standard five-year fixed rate stands at 5.29 per cent and with certain promotional offers can go as low as 3.89 per cent.
Banks typically fund their fixed-rate mortgage lending from instruments tied to bond yields. The ongoing rally in the fixed-income market has meant they can to continue to offer lower rates, even though the Bank of Canada has raised its prime rate twice since June.
TD Canada Trust also cut its benchmark mortgage rates by a tenth of a point on Tuesday October 12. TD’s standard five-year fixed rate stands at 5.29 per cent and with certain promotional offers can go as low as 3.89 per cent.
Banks typically fund their fixed-rate mortgage lending from instruments tied to bond yields. The ongoing rally in the fixed-income market has meant they can to continue to offer lower rates, even though the Bank of Canada has raised its prime rate twice since June.
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