Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

TD is the fourth big bank to quietly reduce some of its mortgage rates

For sale signs stand in front of a condominium September 27, 2011 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

Enlarge Image

For sale signs stand in front of a condominium September 27, 2011 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

TORONTO - Another big Canadian bank has lowered some of its mortgage rates slightly after an initial reduction by the Royal Bank over the weekend.

TD Canada Trust (TSX:TD) now has a posted discounted rate of 3.69 per cent for its five-year fixed mortgages, down from the rate of 3.79 per cent that had been in effect since August.

The bank has also made changes to several of its other closed rates.

TD said in a an email it reviews its rates on an ongoing basis to "remain competitive and provide our customers with flexible mortgage options and the right rate to meet their individual needs."

The move comes after RBC lowered its rates on several fixed-rate mortgages over the weekend by 10 basis points, bringing its special offer five-year closed rate to 3.69 per cent.

Bank of Montreal (TSX:BMO) and Scotiabank (TSX:BNS) followed Tuesday.

Scotiabank lowered its discounted five-year closed fixed term mortgage 10 basis points to 3.49 per cent on its website Tuesday, down from 3.59 per cent posted on the site Monday.

BMO, meanwhile, lowered a number of its rates between 10 and 20 basis points, including its discounted five-year fixed rate to 3.69 per cent from 3.89 per cent.

The changes came before the Bank of Canada said Wednesday it was keeping its key interest rate unchanged at one per cent, maintaining a neutral stance on whether it plans to raise or lower the rate from where it has been for more than three years.

The central bank said that while it sees improvements in the Canadian economy, inflation is now expected to be lower than previously projected.

Experts had predicted earlier this week that other lenders would likely follow RBC in reducing rates, but noted the changes represent relatively small drops in an already low interest rate environment and should therefore not be a major consideration for home buyers.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates