Three of Canada's major banks have lowered there mortgage rates by a significant 10-20 points early this week with little to no press, raising eyebrows about the quiet nature of the changes. Although .1 doesn't seem that significant, this small change could save you thousands! RBC said it was just matching changes made weeks ago by other lending institutions, leading me to believe they were either loosing business or worried they would soon when people started shopping around and realizing they were being over charged.
Global News article...
* "Bank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes.
For example, Scotiabank lowered its five-year closed fixed term mortgage 10 basis points to 3.49 per cent on its website Tuesday, down from 3.59 per cent posted on the site Monday.
BMO, meanwhile, lowered a number of its rates between 10 and 20 basis points, including its posted five-year fixed rate to 3.69 per cent from 3.89 per cent, according to Ratehub.ca.
The change follow a move on the weekend by RBC to quietly lower its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed rate to 3.69 per cent.
RBC said in an email Monday that it was only matching lower rates offered by other financial institutions.
“Competitors have been pricing at lower rates for several weeks and this rate change now puts us in line,” the bank said.