Big 5 banks cut fixed mortgage rates

Posted fixed-rate mortgages at TD Bank, CIBC, Scotiabank, Bank of Montreal and Royal Bank have been cut this week, reflecting lower rates in the bond market.

Bank of Montreal was the first to announce its cuts on Wednesday while Scotiabank waited until Thursday afternoon, the last among the big banks. Laurentian Bank also lowered posted rates.

The largest percentage cuts were at Scotiabank and CIBC; however, these cuts kept all the lenders at close to the same rates. Across the board, five-year fixed rates were at 5.59 per cent and two-year fixed rates dropped to between 3.75 per cent and 3.95 per cent . Scotiabank and BMO also offered a five-year fixed closed special of 4.29 per cent.

Overall, when comparing the lowest ten-year fixed closed rate, BMO and TD have rates of 6.7 per cent, whereas CIBC is slightly higher at 6.80 per cent. Variable closed mortgage rates did not change.

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