Posted fixed-rate mortgages at TD Bank, CIBC, Scotiabank, Bank of Montreal and Royal Bank were cut last week, reflecting lower rates in the bond market.

Bank of Montreal was the first to announce its cuts last Wednesday while Scotiabank waited until Thursday afternoon, the last among the big banks. Laurentian Bank also lowered posted rates.

The largest percentage cuts were at Scotiabank and CIBC; however, these cuts kept all the lenders at close to the same rates. Across the board, five-year fixed rates were at 5.59 per cent and two-year fixed rates dropped to between 3.75 per cent and 3.95 per cent . Scotiabank and BMO also offered a five-year fixed closed special of 4.29 per cent.

Overall, when comparing the lowest ten-year fixed closed rate, BMO and TD have rates of 6.7 per cent, whereas CIBC is slightly higher at 6.80 per cent. Variable closed mortgage rates did not change.

When speaking about the ‘Big 5′ lowering their rates…  there are some things to keep in mind.   Above and beyond the banks lowest rates, there are promotional rates that are available to consumers.  These lower rates might be available on a 30-day ‘Quick-close’ product OR available only to select brokers who have exceeded a certain quota in mortgage volume.  Fortunately, I’m in a position to discount past a lot of advertised rates.  Call me to discuss your deals today!