Tuesday, September 1st14.1°C
26775

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

26480


Recent Trending




Today's Market
S&P TSX13481.90-377.22
S&P CDNX547.97-11.51
DJIA16058.35-469.68
Nasdaq4636.10-140.40
S&P 5001913.85-58.33
CDN Dollar0.7560+0.0015
Gold1136.40-2.30
Oil44.38-1.03
Lumber233.50-1.50
Natural Gas2.667-0.035

 
Okanagan Companies
Pacific Safety0.175-0.010
Knighthawk0.010.00
QHR Technologies Inc1.18-0.05
Cantex0.04-0.01
Anavex Life Sciences1.32-0.03
Metalex Ventures0.05-0.00
Russel Metals21.21-0.90
Copper Mountain Mining0.62-0.01
Colorado Resources0.085+0.010
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.015-0.005
Mission Ready Services0.085+0.000
Decisive Dividend Corp2.50-0.25

 



27613

FEATURED Property
226913420810 Bridgeman Road
10097726 bedrooms
$1,500,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_








Member of BC Press Council


26707