CMT Team·Mortgage Rate Trends·May 23, 2012RBC Shaves its Benchmark Rate by 10 Bps At long last we have a Big 6 Bank lowering advertised fixed rates. RBC trimmed its 5-year posted rate to 5.34% today. It’s the first drop in posted rates in 16 weeks. The move coincides with falling bond yields. The 5-year government yield has tumbled 30 bps in the last month, reducing fixed-rate funding costs throughout the industry. Other banks will likely follow RBC’s lead and cut their own rates—with the exception of Scotiabank. Scotia’s 4.99% 5-year posted rate has undercut the other major banks for weeks. Rob McLister, CMT Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.