Most banks reduce mortgage rates

August 17 2010 - Most major Canadian banks announced reductions in mortgage rates yesterday.

Royal Bank of Canada, Bank of Montreal, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and Laurentian Bank announced a series of reductions, including a 10-basis-point cut to their benchmark five-year closed rates to put them at 5.49 per cent. The new rates are to take effect today.

Late yesterday, the only major Canadian banks that had not announced changes to their mortgage rates were Toronto-Dominion Bank and National Bank of Canada.

Marlene Ofter

Marlene Ofter

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CENTURY 21 Max-Immo
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