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.
Domestic bond yields to remain low: Blackrock