Posted Rate Drop

RBC RBC has just lowered its posted mortgage rates.  It’s the first of the Big 5 to move.

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.

  1. I was just about to go with a 12-month fixed at 2.55% and flip over to a variable once it’s prime minus again.
    But we were just told we could get a 5-year fixed at 3.79%. I was completely blown away and we’re now going with the fixed.

  2. I just put through application with a mortgage broker in Alberta. They offered me 3.79 for a fixed rate 5 year mortgage.

  3. Can someone plse advise. Have just renewed mortgage with RB on a 4yr fixed closed at 4.09, papers had to be signed by Sep 2nd. Term wasn’t up till Nov/09 but RB sent an early renewal August 1st “special offer” which wasn’t at all special and in the end we argued till blue in the face to get a 5yr fixed closed at 4.19 as other places were offering us that and lower and we threatened to move everything.The RB likes to play extreme hardball and yet our credit is stellar (have the paperwork in front for proof), been with the Bank 20 yrs – great record, and had this mortgage with them for past two terms of total of 10 yrs, only have 9 & change more to go .We reluctantly signed the 4yr at 4.09 after 3 weeks of arguing back & forth with the call centre and the branch although the branch acct rep said she would try for slightly lower but our guaranteed 4.09 for 4yrs “would expire before the Mgr returned from vacation” (funny didn’t come back till after Sep 2nd!!) to whom she would have to get the approval/ discuss a rate drop first. Now today , the first day the renewal officially goes through we see RB has dropped it’s posted rates &”special” rates are right down to way less than we had repeatedly asked!!!. Do we have any recourse here? So angry. Can we go back in to branch and say why can we not get what we asked for in the 1st place – the 5yr fixed at 4.19 – our renewal wasn’t even up until November.The game playing & deceipt is alive and well in the Canadian Banks, don’t anyone think otherwise…and that’s gleefully dosed out to the good customers!!

  4. My understanding (from working at TD BANK for 10 years) is that if you have signed and returned the papers you have accepted the rate! So legally you do not have any recourse.
    However, this is now a customer service issue. You need to work it from that angle to be successful. Issues like that happened at TD from time to time. It is a “business decision” now. (Ie. If you are influential in the community, or have lots of $$$ you will win. If you don’t you will lose. (that was the TD mantra anyhow)
    Bon Chance.

  5. Dollydorcas
    Once the mortgage is registered it is a done deal. No recourse.
    P.S. Welcome to bank “customer service”. Next time try a broker or credit union.

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