Canada’s six major banks,announced they would offer lower mortgage rates

Toronto- On Wednesday Canadian Imperial Bank of Commerce, National Bank of Canada and credit union giant Desjardins Group lowered residential mortgage rates to match day-earlier moves by Bank
 of Montreal and Toronto-Dominion Bank. They all announced they would offer lower mortgage rates, effective Thursday.

The 5-year fixed rate at most of major banks now stands at 5.29% and as low as 3.49% and 3.89% using various promotional offers, many are also offering “special” low rates that are subject to change without prior notice. BMO five-year fixed mortgage at 3.49 per cent continues to be the best among the other banks.

Five-year fixed-rate mortgages continue to be the most popular choice for Canadian homeowners. Banks typically fund their fixed-rate mortgage lending from instruments tied to bond yields which move in the opposite direction of prices, While variable-rate mortgages are largely influenced by the banks’ prime rates, the ongoing rally in the fixed-income market has meant they are able to continue to offer lower rates; banks are chasing fewer buyers as the Bank of Canada has raised its prime rate twice since June. Canada home sales gained for first time in five months in August

The yield on the five-year Government of Canada benchmark bond was 1.87 per cent on Oct. 8, according to data on the Bank of Canada’s website. Meanwhile the sharper-than-expected slowdown in the Canadian economy, which grew at 2% in the second quarter, coupled with a barrage of negative data from the U.S., has increased the likelihood that Mark Carney Bank of Canada Governor is expected to hold his interest rate tightening cycle steady, started in September, for the foreseeable future

No comments:

Get Real Estate Tips

About Us

Get Free Email Updates to your Inbox!

Follow Us On Social Media

REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



©Copyright 2009-2020 REAL ESTATE SNATCH All Rights Reserved Registration on or use of this site constitutes acceptance of our


User Agreement | Disclaimer | Comment Policy | Privacy Policy | About Us | Contact Us | Site Map

Search This Blog