Two Major Canadian Banks Lower Residential Mortgage Rates
Following a June increase in prime rates, and as residential mortgage rates across Canada threaten to rise, alongside the state of our economy, the Royal Bank and TD have clearly decided to take an opposite approach. Both banks will now slightly lower their residential mortgage lending rates.
The drop of .10% in fixed term mortgage rates at Royal Bank will take place today, Friday June 25th, 2010. This lowered residential mortgage rate will not only affect mortgages that are fixed for a term between one year and ten years, but also convertible mortgage rates. The lowered fixed mortgage rates at TD bank will also take place today. Variable mortgage rates will remain unchanged.
Lenders such as Royal and TD lower their residential mortgage lending rates, or raise them as the case may be, in part as a result of fluctuations in the bond market as well as their own costs of lending increase or decrease.
As some banks, such as Royal Bank, lowers residential mortgage rates and other Canadian banks raise their lending rates, it is important for Canadian home buyers to speak to a knowledgeable mortgage representative to review their options and make informed borrowing and financing decisions. An experienced and reputable mortgage broker will help those in the market for their first or second mortgage, home refinancing, equity loan, or construction loan.
