RBC announced today that they’re dropping their fixed mortgage rates by 0.10%, which is effective for tomorrow August 4, 2010. This brings down their benchmark posted 5 year fixed mortgage rate to 5.59%. This rate decrease is mainly in response to the drop in the five government bond yield of almost 8% just in the past week. We expect the other major mortgage lenders to follow suit later this week.
We saw the best five year fixed mortgage rate for a quick close (ie. the deal must close within 45 days) drop to 3.89% this week as well.
Here is the full list of all the fixed rate decreases
|
Fixed mortgage rates |
New rate |
% change |
|
Six-month convertible |
4.55% |
(- 0.10 % ) |
|
One-year closed |
3.30% |
(- 0.10 % ) |
|
Two-year closed |
3.65% |
(- 0.10 % ) |
|
Three-year closed |
4.20% |
(- 0.10 % ) |
|
Four-year closed |
5.24% |
(- 0.10 % ) |
|
Five-year closed |
5.59% |
(- 0.10 % ) |
|
Seven-year closed |
6.55% |
(- 0.10 % ) |
|
Ten-year closed |
6.70% |
(- 0.10 % ) |
You can check to find the lowest 5 year fixed rates in your local here.
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