Last week, amid falling bond yields the Bank of Montreal, RBC, TD, and Scotiabank announced a 0.1% cut to their fixed mortgage rates on certain one to 10 year terms.
CIBC joined the rest of its big five brethren today to announce the same.
Don’t expect anything lower though, as economists predict that the rate will hold steady — at least for the next several months.
The rates were cut partly because of global economic uncertainty and partly because the Bank of Canada is expected to announce tomorrow that their low interest rate will remain unchanged at 1% until September.
Five-year fixed mortgage rates are now at 5.49% (though it’s not yet posted on the CIBC website).