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RBC Drops 2- to 10-Year Fixed Rates

RBC RBC has started off the week on a good note by dropping 2- to 10-year fixed rates by 0.10 percentage points.

Its posted 5-year fixed rate will now be 5.49%, a 4 1/2 month low.

RBC’s “special offer” 5-year rate is down to 4.09%. (RBC’s discretionary rates are in the high 3% range, like most of its competitors.)

If the other Big 6 banks follow by Wednesday, the qualifying rate (for variables and terms under five years) will fall to 5.49% on Monday August 23.


Update:  For the record, TD was actually first but they didn’t do a press release. They apparently cut their rates this weekend, as can be seen here.

Update2:  The Big 5 banks have all gone to 5.49% on their 5-year posted rates. BMO’s 3.79% “low frills” mortgage is now the lowest advertised 5-year fixed rate among the majors.