The Bank of Montreal will return the posted rate for a fixed five-year mortgage back to 3.09%, where it was before they lowered it to 2.99 per cent. Financial Minister Jim Flaherty had expressed his disapproval over the lowered rate which was offered as of March 4th.
Manulife also reversed its decision to offer a lower rate last week after they received a call from Flaherty asking them to reconsider.
There are however lots of lenders still offering 5 year fixed mortgages below 3% at this time, if you are looking for a new mortgage or would like more information please feel free to give me a call and I can answer any questions you may have.
About Chantal Nephin
