5-year posted rates have been stuck at 5.85% for 2 1/2 months, while Canadian bond yields (which lead fixed rates) have moved sideways.
As of today, posted rates are down 0.20% to 0.30%, with RBC’s 5-year fixed mortgage at 5.49%. RBC’s “special offer” 5-year rate is now down to 4.19%.
As usual, most or all of the other big banks should follow RBC’s lead.
If you’re a well-qualified borrower closing in 30 days or less, you can also now find full-featured 5-year fixed mortgages at 3.99%. There are at least three or four lenders at this rate.