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BMO, Scotiabank join RBC in quietly reducing mortgage rates
" Z. A' T5 t/ [3 t$ TCanadian Press and Financial Post Staff | January 22, 2014 7:32 AM ET
; s/ k* P E/ [: P0 j' l/ }Bank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes.
2 j( f @. k" w: W2 t8 YNational PostBank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes. # `; S" H. ~ a! I
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6 w0 K2 d/ u: o' t- H0 C; `* |TORONTO — At least three more big enjoyedmontoncing some of their mortgage rates. 3 U7 b$ j/ ^- H/ ~: H: G8 l! h
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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. 7 h6 q& O9 E x% T' |5 P
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Most 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 " b; D5 ]+ l, P5 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. : e- h4 M+ Q& a6 r1 O
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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. 2 ]3 U3 }5 s: K0 V) v
" F c3 ? T# |& yThe 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%. $ |- b; }2 C! S* ?' t
, d) K- }: w Z+ Z" uTD 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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