TD Bank has lowered its posted five-year fixed-rate mortgage rate to narrow the gap between the benchmark and the special rates it offers customers.
Last Updated Tuesday, February 4, 2020 3:35PM ESTTORONTO -- TD Bank lowered its posted five-year fixed mortgage rate on Tuesday to narrow the gap between the benchmark and the special rates it offers customers.
"Based on current market conditions, lower funding costs have led to a growing variance in customer rates versus posted rates," said bank spokeswoman Ana Aujla by email.The posted rate is significant for the federal mortgage stress test, which is based on the posted rates at the big Canadian banks. The posted rate is also used for calculating mortgage penalties.
She noted that if some other big banks follow TD, it could push the qualifying rate for the new B-20 mortgage rules below five per cent for the first time since they were implemented in January 2018.
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