Bank of Canada cuts benchmark mortgage rate to lowest level in three years

Bank of Canada cuts benchmark mortgage rate to lowest level in three years
The Big Six banks had already cut their advertised five-year fixed mortgage rates to the same level, though some special offers reduce rates to as little as 2.19 per cent.

Lower rates risk propelling housing demand higher.

The Bank of Canada s governor, Tiff Macklem, indicated about a month ago that rates will be kept low until at least 2023.

Various rates for guaranteed investment certificates also fell with the five-year personal fixed term dipping 0.18 percentage points to 0.7 per cent, but the prime rate remains unchanged at 2.45 per cent.
Read more on CTVnews
News Topics :
Similar Articles :
Top Stories
TORONTO TD Bank TSX TD has raised its fixed mortgage rates, ahead of a similar move by the Royal Bank of Canada as the costs of borrowing rise. TD spokeswoman...
Rates are still low, but the stable part is in question after Royal Bank of Canada announced a small but still significant round of mortgage rank hikes that will take...
TORONTO — Two of Canada’s largest banks increased their fixed rate mortgage rates amid rising yields on the bond market and a strengthening economy. The Royal Bank of Canada says its...
Canada s third biggest lender raised the posted rate for a five year fixed rate mortgage from 5.14 per cent to 5.34 per cent, effective Tuesday, while also increasing the posted rates for...
TORONTO The Canadian Imperial Bank of Commerce says it will raise its five year fixed rate mortgage rate Tuesday by 15 basis points. Spokesman Tom Wallis says in an email that...