RBC, the largest mortgage lender, has lowered its Fixed-Term Mortgage Rates. RBC lowered rates by 10 basis points with the other of the major banks expected to follow. No press nor news release announced the changes in rates. The mortgage rate decrease happened in the midst of declining yields on Canadian government bonds. It is thus speculated that RBC lowered their rates to compete with rates offered by other lenders. Previously, on Jan 18th RBC reduced its five-year fixed mortgage to a lower rate of 5.24% down 10 basis points from 5.34%.
Fixed-Term Mortgage Rates Closed
2 Year Old Rate 3.14% New Rate 3.04%
3 Year Old Rate 3.95% New Rate 3.75%
4 Year Old Rate 4.74% New Rate 4.64%
Discounted Fixed Mortgage Rate
5 Year is 3.39%