Kitsilano Condo

Banks lower mortgage rates

Scotiabank, TD Canada Trust, Desjardins, and Laurentian Bank lowered rates on fixed mortgages ranging from 1 – 10 years in duration this past Wednesday.  The benchmark 5 year fixed rate fell to 5.9 percent at each of the financial institutions. The cuts ranged in most cases from 0.10 percentage points to 0.20 percentage points.