April 1st, 2013, Owen Bigland
Mortgage Wars Are Back
There has been a lot of mortgage news recently as the Big Banks fight
for market share with record-low mortgage rates. Last year, we covered
how BMO Bank of Montreal started the mortgage wars by offering a 2.99%
5-year fixed rate mortgage. Other lenders followed suit, matching the
2.99% rate, but generally offering only a 4-year option. After a month,
RBC Royal Bank signaled the end of this war by raising its rates by 50
basis points to 3.49%. Other lenders followed RBC's lead in order to
shore up their profit margins.
One year later, in preparation of the Spring Housing Market, BMO is
once again offering a posted 2.99% rate while other lenders are offering
a 2.89% 5-year fixed rat ...
