Excerpts from Globe and Mail
Banks’ mortgage war may lure new homeowners
richard blackwell AND grant robertson
From Friday's Globe and Mail
Published Thursday, Mar. 08, 2012 7:09PM EST
Last updated Friday, Mar. 09, 2012 10:38AM EST
Canadians are getting another chance to sign a mortgage at historically low rates, and for some it may be enough to push them to take a leap in the overheated real estate market.
On Thursday, Toronto-Dominion Bank, (TD-T82.170.470.58%) Royal Bank of Canada (RY-T56.980.050.09%) and Canadian Imperial Bank of Commerce (CM-T75.10-1.01-1.33%) trimmed the rate on four-year mortgages to 2.99 per cent – following Bank of Montreal’s (BMO-T57.780.270.47%) move on Wednesday to cut its five-year mortgage rate to the same level. BMO also chopped its 10-year rate to 3.99 per cent.
More related to this story
•Toronto-Dominion slashes mortgage rate
•Rob Carrick's Reader: Mortgages: Go long or w-a-a-ay long
•Fat consumer debt biggest risk in Canada, Mark Carney says
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