As predicted, this week other major banks followed RBC and made a move to lower mortgage rates. On Monday, an article reported the big mortgage news stating RBC Lowers Fixed-Term Mortgage Rates. The news further said it was expecting other major banks to follow. The lower mortgage rates offered by RBC was soon followed on Tuesday by BMO and Scotiabank. On Jan 22nd, TD joined in and also lowered its mortgage rate. As with RBC, other banks did not issue any press or news releases. Other competing financial institutions already offered lower mortgage rates and the 4 major banks lowered their rates to remain competitive.
Lower Mortgage Rates by 4 Major Banks
RBC – Lowered Select Fixed-Term Mortgage Rates by 10 basis points
BMO – Lowered a number of rates between 10 and 20 basis points.
Scotiabank – Lowered its five-year closed fixed term mortgage 10 basis points.
TD Canada Trust – Lowered posted discounted rate of 3.69 per cent for its five-year fixed mortgages.
Mortgage rates may be lower, but they still remain higher compared to this time last year. Although these rates that these banks offer are not a significant saving, it is still a nice saving for home buyers obtaining a mortgage.
If you want the latest information on how to find the best mortgage rates, CompareMyRates.ca compares the best mortgage rates available. This potentially saves you thousands of dollars off your mortgage. Contact your mortgage broker or find a local mortgage broker near you and see how you can save money over the life of your mortgage.