Passing along some good news from the Century 21 Head Office...with interest rates lowering this a great time to redirect some stock & investment portfolios to a more solid and tangible investment such as real estate? Please read below ~ Denise
BMO first to slash mortgage rate
There were preliminary indications Friday that residential mortgage rates could be drifting lower after Bank of Montreal announced a "special" offer of 5.25 per cent on its benchmark five-year, fixed-rate home loan.
BMO said the new rate takes effect today and would be available to "all new and existing" customers. Its current posted rate on that product is 7.2 per cent. A spokesperson said the new rate is not subject to an expiry date. Nonetheless, mortgage rates can generally change at any time.
It was unclear whether BMO's move marked the beginning of a larger trend. Traditionally, five-year, fixed-rate mortgages are the most popular loan option for homeowners.
BMO's announcement comes two days after Finance Minister Jim Flaherty tripled the size of the federal government's mortgage purchase program to $75 billion.