Well, they’ve done it again! BMO shattered the competition for a second time this year by dropping their 5 year fixed rate to 2.99 per cent (available until March 28th). How did CIBC, RBC, TD and Scotia respond? With the same “If you can’t beat ‘em, join ‘em” theory they had back in January 2012. Behind the 2.99 per cent rate from BMO there are (what some would pin as) limitations, when compared to their standard product line. Here are the parameters.
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Scotiabank is a little late coming out of the gate to respond to the rate changes announced by all of its competitors, but as they say “better late than never”. The features for this special 2.99% rate on a 4 year fixed mortgage are:
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They’re back! After speculation that rates would never return to the 2.99 per cent mark, BMO sent a shock wave through the mortgage industry earlier this week by offering the rate over a 5 year term.
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Last weekend the government announced a change to current mortgage regulations which now require federal financial institutions to revise the mortgage penalty disclosures they provide to consumers. Plus, BMO is back in full force with their announcement of offering 2.99 per cent on their 5 year fixed mortgage product and TD has responded by bringing back their 2.99 per cent 4 year fixed mortgage.
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RateSupermarket.ca’s Expert Mortgage Panel Expects Moderate Increases to Fixed Mortgage Rates and Level Variable Rates Heading Into Spring. With the spring real estate season on the horizon and historically low interest rates, the debate on the minds of those preparing for a mortgage is Fixed vs. Variable. Although the Fed has promised to keep their interest rates constant until 2013, in Canada several factors can impact rate fluctuations, though in this market, likely not significantly.
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