December 29, 2009
December 22, 2011
Whats with all these rate drops all of a sudden?? Is it because BMO dropped their 5 year mortgage rates to 2.99%?? Is it because Ally is almost out of the market?? It makes me wonder. Mark Carney kept the Bank of Canada rate at 1% the other day. Thats no big surprise. It's been at that rate since Sept 2010. It's depressing seeing all these rate drops by almost every bank lately. Hopefully, It's short term. Any guesses or facts why all the rate drops all of a sudden??
July 10, 2011
March 2, 2013
My opinion...most of these banks were not expecting rates to remain as stubbornly low for as long as it has been (now for over two years) and the price they are now getting on the mortgages they lend-out has been dropping to their lowest levels as a result of some fierce price competition. Until the Bank of Canada changes their position to reward the saver, rather than the borrower, we're in for a long haul!