RBC has cut its 1 to 10-year fixed rates by 0.10 percentage points—effective tomorrow.
Its new 5-year posted rate is 5.89%, while its “special offer” rate is now 4.49%.
This move should compel the other big banks to follow. It should also reduce the industry’s benchmark qualifying rate to ~5.89% from today’s 5.99%. (The qualifying rate change would not take effect until Monday, July 5.)
June 25 Update:BMO and TD have followed in RBC's footsteps by cutting most of their fixed rates 10 basis points. BMO's "low frills," 5-year fixed mortgage is now at 4.15%. As usual, full-featured mortgages are available at even lower rates through the broker channel.
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