Saturday, November 22nd3.1°C
24157
24165

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

23872


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


22899

FEATURED Property
2013256#117-250 Briarwood Road
5 bedrooms 2 baths
$274,999
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24156

24119


Member of BC Press Council


24043