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BMO, Scotiabank join RBC in quietly reducing mortgage rates # V8 q$ y( ], J# k8 s
Canadian Press and Financial Post Staff | January 22, 2014 7:32 AM ET : w' o6 A# G- V% {3 h" q8 z
Bank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes. 4 e/ V* {" @; v5 n/ i
National PostBank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes. 5 K7 `3 g& J0 d1 Q8 W3 K
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, r) Q3 |* E6 _$ c! A( sTORONTO — At least three more big enjoyedmontoncing some of their mortgage rates.
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Bank of Montreal, Scotiabank and TD Canada Trust all lowered rates this week. Like RBC, none issued a news release announcing the changes. , L$ M* i' V" Z& K/ a; K' ~
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For example, Scotiabank lowered its five-year closed fixed term mortgage 10 basis points to 3.49% on its website Tuesday, down from 3.59% posted on the site Monday. + J. R2 e5 w+ {5 Y1 h
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BMO, meanwhile, lowered a number of its rates between 10 and 20 basis points, including its posted five-year fixed rate to 3.69% from 3.89%, according to Ratehub.ca. 5 B. u& f/ e1 ]6 J* J/ L0 g/ L0 e
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The changes, first reported by the Business in Canada website, follow a move on the weekend by RBC to quietly lower its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed rate to 3.69%.
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TD followed suit on Wednesday and now has a posted discounted rate of 3.69% for its five-year fixed mortgages, down from the rate of 3.79% that had been in effect since August. The bank has also made changes to several of its other closed rates. |
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