Canada’s major banks reduce mortgage rates again

August 17th, 2010 → 1:06 pm @


Five of Canada’s major banks reduced many of their posted mortgage rates by one-tenth of a percentage point, effective today.

The posted five-year closed mortgage rate is now 5.49 per cent annually for the Royal Bank of Canada, Bank of Montreal, scotiabank, CIBC and Laurentian Bank.

RBC was the first to announce the rate cuts on Monday. It is the second time major banks have trimmed their rates this month, and follows the report from the Canadian Real Estate Association that home sales were down 6.8 per cent in July from the previous month.

(Original source: MortgageBrokerNews.ca)