RBC’s 5-year posted rate is now 6.25%. If other banks follow, it will increase the qualifying rate for variable and 1-4 year fixed terms accordingly.
RBC’s “special offer” 5-year fixed is now 4.85%. As usual, most people should be able to find full-featured 5-year fixed terms for at least 1/4 point off that number.
RBC aside, we’ve seen a couple of discount lenders come out with lower 5-year fixed promo rates in the last few days. In addition, bond yields have been taking a one-week respite from their march higher. So it’s interesting that RBC has decided to lift rates today.