RBC lowers rate for five year mortgages by one tenth of a percentage point

Tuesday, 09 November 2010 11:37 | Written by Smart HomeOwners | Print | E-mail
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RBC Royal Bank

TORONTO: RBC Royal Bank of Canada (TSX:RY) will lower its five-year mortgage rate by one-tenth of a percentage point starting Tuesday.

The bank said most of its rates will be unchanged but five-year closed mortgages will drop by 0.1 per cent to 5.19 per cent.

The announcement comes as the Canadian mortgage industry reports that homebuyers and owners have a collective $1 trillion in mortgage debt, a record high.

 

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