Wednesday, July 29th27.2°C
26925
25998

Bank of Montreal slashes 5-year mortgage rate to 2.99 per cent

TORONTO - The Bank of Montreal (TSX:BMO) is lowering its five-year fixed-rate mortgage to back to levels that caused former Finance Minister Jim Flaherty to express concerns last year.

The bank says it will offer a five-year rate of 2.99 per cent, down from 3.49 per cent.

BMO is the first big bank to lower the key rate beneath three per cent, a level that caused Flaherty to publicly address BMO in March 2013, saying that he disapproved of the rate and discouraged other big banks from following its lead.

At the time he said he believed in "responsible lending," and that he was concerned such low rates would work against his attempts to slow the momentum in the housing market.

Flaherty left his role as finance minister last week after a surprise resignation earlier in the month.

Other Canadian banks have also recently cut their rates — TD Bank (TSX:TD) reduced its four-year fixed-rate mortgage to 2.97 per cent earlier this month, while Scotiabank (TSX:BNS) lowered its rates across the board while issuing a four-year special rate at 2.94 per cent.

The Canadian Press


Read more Business News

26744


Recent Trending




Today's Market
S&P TSX14296.71+219.35
S&P CDNX584.40-2.56
DJIA17758.98+128.71
Nasdaq5111.73+22.53
S&P 5002108.49+15.24
CDN Dollar0.7725-0.0013
Gold1096.90+0.60
Oil49.12+0.71
Lumber252.00-4.10
Natural Gas2.882+0.061

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.34-0.03
Cantex0.05+0.00
Anavex Life Sciences0.781+0.001
Metalex Ventures0.05-0.01
Russel Metals19.30+0.95
Copper Mountain Mining0.82+0.00
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.14-0.01
Decisive Dividend Corp2.50-0.08

 



26744

FEATURED Property
2363811360 Marbella Loop
2 bedrooms 2 baths
$269,899
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



27052




Member of BC Press Council


26782