Majors Moving To 2.99
“All 5 Major Banks Now Have A 2.99% Fixed Mortgage Rate Product”
Following BMO’s move to a 2.99% 5 year fixed mortgage rate, the other 4 major banks in Canada have announced a 2.99% fixed mortgage rate as well, but only for a 4 year term.
The news comes on the heels of news reports over the last couple of weeks that consumer spending is viewed by many economists as being too high, and that the housing market is slowing down.
Being that the mortgage market is a good portion of bank earnings, and is a highly competitive market, this latest move appears to be showing us that all the major banks are prepared to fight hard to maintain their market share and potentially grow it in the “A” business space by taking it away from smaller competitors that are not pricing as aggressively, at least not yet.
Even though BMO is offering an additional year on their 2.99% rate, there are differences in their total offering from what the other majors are offering over their 4 year programs.
So as always, when looking at the best mortgage option in the market place, you should be considering both rate and terms for any specific program and from there make an informed decision as to which one provides the best fit for your requirements.
Its hard to know how long these rates will last or what’s coming next in both the commercial mortgage and residential mortgage markets, especially with the continued pressure and uncertainty in the global financial markets.
But for right now, 2.99% is hot rate for consideration and is now becoming differentiated by the non rate program offerings of the 5 major chartered banks.
To find out more about determining which of the available 2.99% fixed rate mortgage programs are the best fit for your current financing requirements, please give me a call so we can go over your situation together and review each of the programs in detail in order for you to be in a position to make the best decision in the time you have to work with.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel