Blog by Mark Longpre

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Big banks lower mortgage rates

OTTAWA — CIBC is the latest Canadian bank to announce lower residential mortgage rates, matching the average 0.10 per cent cut by Royal Bank of Canada and TD Canada Trust.

 

CIBC said Friday its five-year closed mortgage rate falls to 5.89 per cent, effective Saturday, the same level as RBC and TD.

 

RBC and TD announced lower mortgage rates on Thursday, with the changes taking effect Friday.

 

The banks also lowered their rate on its six-month convertible mortgages by 0.10 per cent. The rate offered by RBC and CIBC falls to 4.85 per cent, while TD's falls to 4.75 per cent.



Read more: http://www.vancouversun.com/business/CIBC+joins+cutting+mortgage+rates/3201083/story.html#ixzz0rskzM4sY

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