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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: nextrade! who wrote (15646)12/27/2003 8:27:54 PM
From: nextrade!Read Replies (1) of 306849
 
Canadian banks lower rates,

Banks lower mortgage rates

cbc.ca

Last Updated Fri, 26 Dec 2003 14:20:14
TORONTO - Canadians shopping for a home got a Christmas present this week as several Canadian banks lowered mortgage rates – some for the second time in as many weeks.

TD Canada Trust trimmed at least a tenth of a percentage point off all its longer-term fixed mortgages. Its 5-year "Best Rate" mortgage is now 5.25 per cent.

Bank of Montreal chopped a fifth of a percentage point off its 1-year closed mortgage. It now goes for 4.55 per cent. BMO's 5-year closed mortgage is down a tenth of a point to 6.35 per cent.

CIBC is trimming its mortgage rates for the second time in a week. Effective Saturday, its 6-month convertible mortgage drops a quarter of a percentage point to 5.45 per cent. Its 5-year closed mortgage drops a tenth of a percentage point to 6.35 per cent. Its 10-year rate falls 0.15 percentage points to 7.90 per cent.

National Bank trimmed its 5-year closed rate by 0.05 percentage points to 6.45 per cent.

Mortgage rates are falling as inflationary pressures ease amid speculation that the Bank of Canada may cut interest rates as early as next month. That's helped to push bond yields lower. Banks finance mortgages in the bond market.
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