Mortgage rates’ changes

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December 10, 2009

Few of the top Canada’s banks have decreased some of their mortgage rates. They reacted this way to the official announcement of the Bank of Canada to keep its interest rate at a historic low.

To mention few examples, the Royal Bank of Canada reduced its one-year closed rate by 1/5 percent, its four-year closed rate by 1/20 percent and its five-year closed rate by 1/10 percent.The four-year closed rate of TD Canada Trust decreased by 1/20 percent and its five-year closed rate by 1/10 percent.

The Bank of Canada has also declared this week that it is going to maintain its overnight rate at 1/4 percent until the second quarter of 2010 and it plans a three percent growth for the year. It should be a positive period for persons planning to buy and renovate too, as the rates are going to be attractive.