​Royal Bank lowers mortgage rates without fanfare

There were no press releases this time, just a quiet note in the blog of the Canadian Mortgage Trends.  The Royal Bank of Canada has been and will be reducing its mortgage rates, giving as a reason the recent lowering of prices by some mortgage lenders.  This decision could have a significant domino effect, as many industry players  in the banking industry  follow the lead of the largest mortgage lender in the country , according to the report of The Globe and Mail.

The Royal Bank’s new fixed five-year mortgage rate stands at 3.69 per cent.  It reduced all other mortgage rates for the next two to five years by 10 basis points.

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