RBC Goes Below Prime

RBC RBC will become the first Big 5 bank in more than a year to advertise a variable-rate mortgage under prime rate

The company just announced it’s cutting its “special offer” variable rate to prime – 0.10%.  The remaining big banks will probably follow suit soon.

RBC’s new rate is mostly a game of catch-up. More deeply-discounted variables have been available from other lenders and brokers for several weeks now. 

Even more interesting, RBC said it’s raising its Homeline HELOC rate (for new customers) back up to prime + 0.75%!  RBC led the market back in October when it cut its secured HELOC rate down to prime + 1/2%.

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