TORONTO – Some Canadian mortgage rates are going down as of Thursday.

TD Canada Trust (TSX:TD) was the first major bank to announce a change, with its five-year closed mortgage rate falling 15 one-hundredths to 5.24 per cent.

Royal Bank (TSX:RBC) and Bank of Montreal ()TSX:BMO) will drop their five-year closed mortgage rate by 20 one-hundreds to 5.19 per cent.

Most of the banks’ other rates remain unchanged but BMo is also dropping its four-year closed rates by 20 one-hundredths to 4.79 per cent.

“It appears as though the banks are increasing their rate discount on variable rate mortgages.  If you are thinking of getting a mortgage preapproval today would be the day!

Lenders are increasing their variable rate discount  from prime minus .75% to prime minus .6%.  Some as high as prime minus .35%.. This is already in addition to a previous rate hike from prime minus .85%

Expect most banks and lenders to follow suit in the next few days.  Please call me asap.  I can hold todays rate for you for 120 days at no obligation.”

If you already have a variable mortgage.  Not to worry..your rate discount is safe!

Have a great day,

K.C.
705 333 2222