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Royal, BMO cut mortgage rates

The Canadian Press

Wednesday, November 26, 2008

TORONTO Two of Canada's big banks are cutting mortgage rates on a variety of terms, reflecting a drop in borrowing costs in the bond market, where banks finance their mortgage lending.

Royal Bank of Canada said Wednesday it is cutting rates effective immediately and introducing some new mortgage products.

A three-year closed mortgage at Canada's biggest bank falls to 6.45 per cent, down a quarter point. A five-year term falls by the same amount to 6.95 per cent.

Meanwhile, the Bank of Montreal is cutting its mortgage rates by various amounts, effective Thursday.

A three-year loan falls six tenths of a point to 6.45 per cent, while a five-year mortgage drops a quarter point to 6.95 per cent.

Interest rates in the bond market have been falling as the North American economy slows and the Wall Street credit crunch eases a bit.

Source: Canadian Press
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