Blog by Mark Longpre

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RBC cuts mortgage rates

The Royal Bank of Canada slashed residential mortgage rates by as much as 20 basis points on several of its offerings Tuesday.


The bank's special closed four- and five-year fixed rate offers have both been cut to 4.19%, a 15 bps and 10 bps change respectively. The special seven-year closed mortgage has been cut to 5.10%, down 20 bps.


Meanwhile, the four-, five-, seven- and 10-year fixed rate mortgages have also had their rates decreased, to 4.99% (-15 bps), 5.34% (-10 bps), 6.40% (-20 bps) and 6.60% (-15 bps) respectively.


The new rates come into effect March 16.

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