“The Bank of Montreal is slashing its five-year fixed-rate mortgage to levels that caused former finance minister Jim Flaherty to express concerns last year. The bank says it will offer a five-year rate of 2.99 per cent, down from 3.49 per cent.”

“Other Canadian banks have also recently cut their rates. Toronto-Dominion Bank reduced its four-year fixed-rate mortgage to 2.97 per cent earlier this month, while Scotiabank lowered its rates across the board while issuing a four-year special rate at 2.94 per cent.”

Reports CBC News

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