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Posted Rates Coming Down

Falling-Mortgage-Rates RBC led the charge and cut its mortgages rates today.

It’s 5-year posted fixed rate fell 0.15% to 5.59%. 

RBC’s 1-, 2-, and 3-year terms were down 0.20%.

Shortly after this announcement, BMO matched most of RBC’s posted rates.  TD chose to match only RBC’s 5-year rate.

The other big 5 (CIBC and Scotiabank) will probably follow soon with their own rate announcements.

There was no change to the big 5’s variable rates. The advertised bank rate on a variable is still prime (2.25%)—a rate that is being significantly undercut by brokers.