Major Banks Cut 5-Year Fixed Mortgage Rates by 0.1% Again

Alyssa Furtado
by Alyssa Furtado August 24, 2010 / No Comments

The Royal Bank of Canada announced a further cut to their 5-year fixed mortgage rate by 0.1%, settling at 5.39%. RBC’s reduction took effect Saturday. In a similar move, the Bank of Montreal and CIBC announced Monday that they will cut their mortgage rates, including their 5-year fixed rate, effective Tuesday. BMO and CIBC will drop the 5-year fixed rate by 0.1%, thus matching RBC at 5.39%.

To view the most accurate and up-to-date Canadian mortgage rates, visit RateHub.ca’s Best Mortgage Rates page. Use our mortgage calculator to view the effects of the recent interest rate cuts on your mortgage payments.

See current RBC mortgage rates here.

See current BMO mortgage rates here.

See current CIBC mortgage rates here.