Wednesday, November 18, 2009

Royal Bank and TD Bank cut rates for fixed-rate residential mortgages

THE CANADIAN PRESS

TORONTO - Two of Canada's big banks said Wednesday they would cut their posted rates for fixed-rate mortgages by up to 0.2 percentage points.

The Royal Bank (TSX:RY) cut its rates for one, two and three-year closed mortgages by 0.20 percentage points, effective Thursday.

Canada's largest bank cut is posted five-year closed rate by 0.15 percentage points to 5.59 per cent, while its special five-year closed rate was cut by the same amounted to 4.29 per cent.

TD Bank (TSX:TD) cut its five-year closed rate, lowering it by 0.15 percentage points to 5.63 per cent, effective Thursday.

The changes reflect lower interest rates in the bond market, where banks raise money to finance their mortgage lending.

Both banks said their variable closed mortgage rate at prime will remain unchanged.

Good news! Buying just got less expensive. Call me if I can help...


John Prince, Alberta licensed real estate agent, CENTURY 21 'THE PROFESSIONALS LTD.' (Crowsnest Pass Real Estate). Serving the Crowsnest Pass and area. Call me directly at 403-564-4518 or by email at: johnprince@shaw.ca

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