Canadian mortgage rates falling
May 22, 2008
THE CANADIAN PRESS
Mortgage rates are coming down.
TD Canada Trust said Thursday it is cutting its posted rate by 0.8 percentage point to 6.15 per cent on a one-year closed mortgage, and trimming the five-year posted rate by 0.34 point to 6.65 per cent.
The TD move follows similar action taken Wednesday by Laurentian Bank of Canada.
Other rate reductions range from 0.85 point on a two-year term to 0.2 per cent on a six-year mortgage.
There had previously been minor downward adjustments in posted rates in early April, but mortgage rates have generally remained sticky while the Bank of Canada has reduced short-term lending costs.
The central bank's most recent reduction on April 22 cut its target for the overnight rate by half a point to three per cent, prompting the commercial banks to reduce their prime lending rate to 4.75 per cent.
thestar.com