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Big banks offering ultra-low mortgage rates as competition heats up

2012/01/13 14:26:00

TORONTO—Some of Canada’s biggest banks are advertising promotional ultra-low mortgage rates as the battle for customers intensifies amid a dropoff in consumer borrowing.

The Bank of Montreal began the marketing race late Thursday with an announcement that it would offer a special discount five-year fixed rate at 2.99 per cent for a limited time.

Not all bank customers qualify for the two-week long promotion, which also contains a provision for a 25-year amortization period.

TD Bank has answered with its own special offer, a four-year special fixed rate at 2.99 per cent, available until the end of February.

The other big banks, which are also struggling with lower consumer borrowing levels, could also follow suit as the banks usually move in lockstep on rates.

Fixed mortgage rates are closely tied to bond interest rates, which have fallen over worries of government debt.

More on: Mortgages

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