Mortgage rates on the decline
The Canadian Press
Mortgage rates are falling in Canada.
TD Canada Trust said Thursday it is cutting its posted rate by 0.8 of a percentage point to 6.15 per cent on a one-year closed mortgage, and trimming the five-year posted rate by 0.34 of a 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 benchmark overnight rate by half a point to 3 per cent, prompting commercial banks to reduce their prime lending rate to 4.75 per cent.
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