Saturday, March 28th17.4°C
25657

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

25185


Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0082
Gold1196.30-8.80
Oil48.43-3.00
Lumber282.40-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 





FEATURED Property
19836697200 Cottonwood Drive
3 bedrooms 3 baths
$675,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


25342