 sarah
Joined: 19 Mar 2006
Posts: 25
5.06 Dollars($)
|
 Posted: Thu Sep 07, 2006 12:27 am Post subject: Canada banks drop down mortgage rates |
|
|
Most of the banks in Canada are now cutting down the rates on long term home mortgages by up to 1/10th of a point. This is mainly due to the low cost of borrowing in the bond market.
Closed term loans offered by Royal Bank of Canada will now be offered at low rates of interest. The types of loans likely to come across the rate reduction are:
- 3 year closed term loan reduced to 6.5%
- 5 year loan lowered to 6.75%
- 7 year loan dropped down to 7.25% rate of interest.
The BMO has cut down its 2 year rate by 1/5th of a point to 6.40%. Also, the TD Canada Trust has reduced its 3 year and 6 year closed term loan rates by 1/10th of a point to 6.55% and 6.85% respectively.
The National Bank of Canada has also decided to lower its 3 year to 10 year loan rates by 0.10%. |
|
