The Bank of Montreal announced that it is lowering its five-year fixed-rate mortgage to back to old levels.
The bank says it will offer a five-year rate of 2.99 per cent, down from 3.49 per cent.
BMO is the first big bank to lower the key rate beneath three per cent. This is the same rate that Jim Flaherty publicly expressed his disapproval for las year.
This decision is driven by the drop in bond yeilds and this time of year typically being the busiest time of year to buy a home.
Read more here http://www.castanet.net/news/Business/111892/Mortgage-rates-slashed#.UzQ-fQhSTcM.gmail