More Banks Lower Rates

More Banks Lower Rates

Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Laurentian Bank announced yesterday they're reducing mortgage rates, The Gazette reports.


Effective today, their benchmark five-year closed rate dropped by 10 basis points to 5.79 per cent matching changes made by Canada's other major institutions.


Desjardins Group also announced reductions on par with the larger banks.

 

3 Comments
  • Zoltan M Padar 2010-07-09 3:25:42 AM
    Under economic meltdown raising interest rate makes no sense, when unemployment rate is less than 5%, I understand, but when people forced to work for less, try to make them pay more, who is the mathematician there?
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  • Richard Beauchamp 2010-07-10 7:18:05 AM
    It does not help that BC's minimum wage is the lowest in all of Canada. With the advent of the HST it is pushing people away from moving to BC. BC should be raising the minimum wage to make housing more affordable for the average housing consumer.
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  • Richard 2010-07-11 4:16:59 PM
    No offense buddy, but someone makign minimum wage won't e buying a house. in particular in BC. have you ever qualified anyone for the lowest priced home?? minimum wage won't cut it buddy.
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