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Banks Lower Mortgage Rates


Blog by Ian Watt | December 20th, 2006


TORONTO (CP) - Several of Canada's big banks are lowering their posted residential mortgage rates.

TD Canada Trust (TSX:TD) is lowering the rate on its five-year closed mortgages by 0.05 of a percentage point to 6.45 per cent effective Tuesday. The one-year rate was reduced by 0.1 of a point to 6.4 per cent and its 10-year rate by 0.05 of a percentage point to 7.05 per cent.

CIBC (TSX:CM) matched the move by TD on its five-year mortgages, while it lowered its one-year rate by a tenth of a percentage point to 6.3 per cent. The 10-year rate at CIBC was lowered by 0.05 of a percentage point to 7.2 per cent.

Scotiabank (TSX:BNS) lowered both its five-year and 10-year rates by 0.05 of a percentage point to 6.45 per cent and 7.55 per cent respectively. The bank's one-year rate was lowered by a tenth of a percentage point to 6.35 per cent.

Desjardins Group also lowered its five-year rate by 0.05 of a percentage point to 6.45 per cent and its one-year rate by a tenth of a percentage point to 6.3 per cent. Desjardin's 10-year rate was lowered by a tenth of a point to 7.2 per cent.

Bank of Montreal (TSX:BMO) and Royal Bank (TSX:RY) moved last week to lower their residential mortgage rates.