RBC cuts 5-year fixed mortgage rate

After five-year bonds fell following the BoC’s announcement to cut its key rate last week, it was only a matter of time before mortgage rates followed suit.

RBC is the first bank to lower its mortgage rate, and is offering a 5-year fixed rate as low as 2.84%, reports moneysense.ca.

Read: Mortgage rates to fall following BoC rate cut

The bank is also offering lower three-, seven-, and 10-year rates, say reports.

Read more.

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