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Rbc 5 year fixed rbc rates

Last week, Royal Bank of Canada lowered its posted five-year fixed rate from 3.89% to 3.74%. It was the first time since October 2017 that Canada’s biggest bank has lowered its mortgage rate. What’s interesting about the move is that it’s an about-face in terms of how rates have been trending – upward. The Bank of Canada has regularly increased its benchmark rate and mortgage rates have followed in lockstep. However, it seems homebuyers may be in for a bit of reprieve – at least for now – following RBC’s decision to slash its rate. “RBC is the largest mortgage lender in Canada, so whenever they move their mortgage rates we can expect that the other four banks will follow suit,” James Laird, president of Can Wise Financial, said. “We anticipate that the other big banks will soon have a publicly posted rate of 3.74% as well. “We have expected this move from lenders since bond yields dropped in December, after the Bank of Canada’s announcement stating that future rate hikes would be slower and less frequent. The most recent Bank announcement highlighted policymakers’ concerns with our energy and housing markets, which suggested to us that rates will be stable for a longer period of time than had previously been anticipated.” So, homebuyers, at least for now, can expect to save a little money on their mortgage than they would have mere weeks ago. According to Ratehub.ca’s mortgage payment calculator, a homeowner with an $800,000 mortgage and 5-year fixed rate of 3.89% will have monthly mortgage payments of $4,161. Comparatively, a homeowner with a 5-year fixed rate of 3.74% would have monthly mortgage payments of $4,096. A 0.15% difference in their mortgage rate would lower mortgage payments by $65 per month or $780 per year. However, homebuyers can save even more by shopping around. The best mortgage rate in Ontario, for example, is 3.29% for a five-year fixed rate. That’s also the best mortgage rate in BC and Alberta. The takeaway from this rate news is that potential homebuyers should stay informed about where mortgage rates are and where they might be heading. “Canadians who need a mortgage this year should check back frequently with rate sites and mortgage providers. As the spring home buying market approaches many lenders will offer deep discounts and promotions in order to attract new customers,” Laird said. “Anyone looking for a variable rate should act quickly, because the current stable interest rate environment is causing lenders to reduce the discounts being offered on variable rate mortgages.” At we make it easier for Canadians to choose better personal finance. With the best tools, rates and knowledge to help you take control of your money. Whether it’s a mortgage rate or insurance rate, a credit card, chequing account or high-interest savings account, we are your champions of choice. TORONTO - Royal Bank of Canada has lowered its posted five-year fixed rate by 15 basis points from 3.89 per cent to 3.74 per cent. Mortgage rate comparison website founder Robert Mc Lister says RBC is the first of the Big Six banks to cut its advertised five-year fixed rate after a fall in five-year bond yields. Mc Lister adds that he expects other big banks to follow suit in the coming days. When asked what prompted the rate drop, an RBC spokesperson said a number of factors have impacted the Toronto-based bank's cost of funds. RBC says that includes the rate the bank pays in the wholesale market, increasing regulatory costs and market volatility. Mc Lister says now that market volatility has subsided, the bank's competitors have started undercutting big banks which puts pressure on them to act. Rbc 5 year fixed rbc service clientele RBC Prime Rate - 0.500% 3.450% 25 Year Amortization or Less. Fixed Mortgage Rates. Table Inside Collapsible. Royal Bank of Canada has become the first of the major banks to lower its posted interest rate for five-year fixed-term mortgages, a move that has been widely anticipated amid tumbling bond yields. TORONTO — The Canadian Imperial Bank of Commerce says it will raise its five-year fixed-rate mortgage rate Tuesday by 15 basis points. Spokesman Tom Wallis says in an email that the rate will change from 4.99 per cent to 5.14 per cent. Wallis says seven-year and 10-year fixed-rate mortgage rates will also rise 15 basis points, whereas one- and two-year rates will go up 10 basis points. The Royal Bank of Canada and Toronto Dominion Bank announced last week that they would raise their benchmark mortgage rates. TD lifted its posted rate for five-year fixed mortgages by 45 basis points to 5.59 per cent, the biggest hike in years, observers said. RBC raised its posted rate for a five-year fixed mortgage on Monday to 5.34 per cent compared with the 5.14 per cent currently posted. Fixed-rate mortgages tend to move with government bond yields of a similar term, reflecting the change in borrowing costs. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our community guidelines for more information and details on how to adjust your email settings. Royal Bank of Canada (RBC) slashed its five-year fixed mortgage rate from 3.89% to 3.74% on Wednesday. The 0.15% change may seem small, but it could mean big savings for borrowers. Mortgage expert Robert Mc Lister said that based on a $400,000 home price with a 20% down payment, the lower rate would mean savings of about $26 per month or $2,285 over five years. With RBC’s latest move, the other four in the “Big Five” are expected to follow. “All five banks are very influential but RBC is the most; they are the largest bank … [and] mortgage lender in the country, so when they move, it really does usually force the other four to match,” said James Laird, president of mortgage brokerage Can Wise Financial. While it lowered the fixed rate, RBC hiked its variable mortgage rate by 0.25%, according to a Global News report. An RBC spokesperson said in a statement that a number of factors drove their rates, including wholesale rates the bank received, increasing regulatory costs and market volatility. “Rate is just one aspect of shopping for a mortgage, and we encourage clients to think about all aspects of their mortgage to make sure it suits their needs,” the spokesperson said.

Canada's biggest bank has cut its five-year fixed-term mortgage rate, a move that other banks are likely to try to match in short order. Royal Bank edged the rate on its five-year "special offer" mortgage down to 3.74 per cent, a cut of 0.15 percentage points. Though subtle, the move is likely to prompt similar actions by other major Canadian banks in the coming days, and it's actually overdue based on what's happening in the bond market, says Rob Mc Lister, founder of mortgage comparison website Rate Those borrowing costs to the bank started falling precipitously in the fall, a development that has yet to filter down to customers. In November, a five-year government of Canada bond was yielding just shy of 2.5 per cent. A few days ago, that had fallen as low as 1.75 per cent, a drop of 75 basis points. RBC's cut is only 15 basis points, so with that spread still being wide by historical standard, more could be in the offing. "Banks could've cut fixed rates weeks ago," Mc Lister said. "The reason they held out is because they can." Alternative lenders have already cut their rates, but since the big banks control about 90 per cent of the market, they can hold out longer. "When people see materially better rates from non-banks online, it puts more pressure on the Big 6 to act," Mc Lister said. They're also cutting now because of the time of the year. December and January are the "deadest" period for home buying, Mc Lister notes, so RBC could be trying to drum up business while things are slow. When asked what prompted the rate drop, an RBC spokesperson said a number of factors have impacted the Toronto-based bank's cost of funds. The impact on consumers will be small, but could grow if it's the start of a trend. James Laird, president of mortgage brokerage Canwise Financial, calculates a $400,000 mortgage at the old five-year fixed rate of 3.89 per cent would cost a homeowner about $2,080 a month. At the new rate, that monthly mortgage payment would drop to $2,048 — $32 a month cheaper or an extra $384 per year. "RBC is the largest mortgage lender in Canada, so whenever they move their mortgage rates, we can expect that the other four banks will follow suit," Laird said. The trend downward in fixed mortgages is even more interesting considering what's happening in the variable market, which is more pegged to the Bank of Canada's rate than the bond market. Because variable rate mortgages are inching higher. RBC nudged the rate for its five-year variable mortgage to 3.55 per cent on Wednesday, up from 3.30 per cent. "The current stable interest rate environment is causing lenders to reduce the discounts being offered on variable rate mortgages," Laird said. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. We reserve the right to close comments at any time. Uses cookies and other similar technologies in order to provide you advertising based on your browsing activities and interests. If you wish to opt out of interest-based advertising click here. Rbc 5 year fixed rbccom Fixed rate mortgages can be open may be paid off at any time without breakage costs or closed breakage costs apply if paid off prior to maturity. Variable Rate Mortgage With a variable rate mortgage, mortgage payments are set for the term, even though interest rates may fluctuate during that time. By and large, 5-year fixed mortgage rates follow the pattern of 5-year Canada Bond Yields, plus a spread. Bond yields are driven by economic factors such as unemployment, export and inflation. When Canada Bond Yields rise, sourcing capital to fund mortgages becomes more costly for mortgage lenders and their profit is reduced unless they raise mortgage rates. RBC Prime Rate - 0.500% 3.450% 25 Year Amortization or Less. Fixed Mortgage Rates. Table Inside Collapsible. RBC and TD Bank are leading the charge in lowering their posted rates for five-year fixed-term mortgages. On Wednesday, Royal Bank of Canada lowered its posted rate from 3.89 per cent to 3.74 per cent. According to Ratehub founder James Laird, TD Bank has been offering the same rate since last Thursday, however, the rate is not publically posted. As one of the most influential banks in the country, industry experts say Canada’s other big banks will soon follow in RBC’s footsteps. “All five banks are very influential but RBC is the most, they are the largest bank in the country and they are the largest mortgage lender in the country so when they move, it really does, usually force the other four to match,” Laird told Global News. Robert Mc Lister, founder of says the big banks are actually the ones playing catch up. Alternative lenders lowered their rates weeks ago giving them an edge in the market. According to Mc Lister, Canada’s big banks will eventually settle their 5-year fixed mortgage rate at around 3.64 per cent. Though RBC is the first bank to publically lower their rates, it is believed that most of Canada’s big banks have already lowered rates for preferred clients, such as the case for TD. Unlike variable mortgage rates, banks base fixed mortgage rates on government bond yields. Fortunately for those with a fixed-mortgage, five-year Government of Canada bonds have fallen drastically from 2.46 per cent in November to 1.93 per cent as of yesterday. Variable mortgage rates, on the other hand, are getting more expensive. Variable rates are dependant on the Bank of Canada’s overnight lending rate. Though the Bank of Canada recently held rates steady, economists suspect increase rates two more times this year. Since the summer of 2017, the Bank of Canada has increased their overnight lending rate five times.