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BMO, Scotiabank join RBC in quietly reducing mortgage rates
4 f1 R$ y8 u4 j6 Z% t4 H# X" A. eCanadian Press and Financial Post Staff | January 22, 2014 7:32 AM ET w$ q1 }: R- n7 ~
Bank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes.
) W6 |4 X( r2 m% QNational PostBank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes.
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TORONTO — At least three more big enjoyedmontoncing some of their mortgage rates. ' K" U: P! Z4 K* _, }+ J% @
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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. 6 N% J( [1 M6 k- {
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. J( z, R! x; t/ V8 @" gMost new homes are built stick by stick, brick by brick, by a construction crew on-site, but a growing number of Canadians are buying homes right off the factory floor to be assembled on the lot within days ) D3 O) l2 v, Q* [. g8 ~; N
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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. 4 B* [2 \1 ?' U( \% }
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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. . `3 k# x1 r8 x, ?* @1 X5 [/ g+ i2 R
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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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. _' F* V% y4 l. i( f, cTD 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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