MORTGAGES: More lenders lower mortgage rates

Canadian Imperial Bank of Commerce announced Tuesday a reduction in its mortgage rates.

It’s benchmark five-year closed rate was to decline 10 basis points to 5.79%, effective Wednesday, matching changes recently made by Bank of Montreal, Royal Bank of Canada and Toronto-Dominion Bank.

Desjardins Group, a smaller player operating in Quebec and Ontario, announced mortgage reductions on Tuesday in line with the bigger banks.

As of Tuesday afternoon, Bank of Nova Scotia was the only one of the five biggest commercial financial institutions with five-year closed mortgages as high as 5.89%.

(Source: Financial Post/National Post/Vancouver Sun)