The Royal Bank of Canada, one of the country's biggest mortgage providers, recently and quitely  dropped the rates on some of its mortgage products, according to a report from the Financial Post.

Rates for five-year fixed-rate mortgages rose across the country during 2013, jumping from 2.64 to 3.39 per cent in September, says Alyssa Richard, CEO of ratehub.ca. In the fall, they dropped slightly to 3.25 per cent, and have remained at that rate ever since.

But now, RBC will be decreasing its two-, three-, four- and five-year fixed mortgage rates by 10 basis points each. In an online release, the bank stated that the motion to decrease the mortgage rates was the direct result of some of their major competitors making reductions to their own mortgage rates.

RBC is generally a rate leader within the mortgage industry. As a result, whenever it makes changes to its mortgage rates, the other major financial institutions typically follow suit. The bank presently offers five-year mortgages at a rate of 3.69 per cent.

 

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