RBC Quietly Cuts Rates Another 10 Bps

RBC RBC has dropped most of its fixed rates another 10 basis points—just one week after its last rate cut.

It did so without issuing a press release. (For whatever reason, sometimes RBC likes the publicity and sometimes it doesn’t.)

RBC’s posted 5-year fixed rate is now 5.79%, versus 5.89% last week.

It’s 5-year fixed “special offer” rate has dropped to 4.39%.

The other banks will probably match RBC’s reductions next week. The Big 5 has taken a lot of heat lately for keeping rates high while funding costs have plunged.

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Update July 5:  BMO has matched RBC's rate cut.

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