Banks still pushing low mortgage rates

Despite Minister Flaherty’s push to cool an overheated housing market and stop banks from offering low mortgage rates, many aren’t co-operating. In fact, some Canadian banks continue to advertise rates as low as 2.89% within their branches, says the Globe and Mail.

This includes BMO — a Montreal branch was offering the 2.89% rate just yesterday. To its credit, however, the bank has stated it would raise its five-year rate to 3.09% effective March 29.

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