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Royal Bank of Canada Cuts Mortgage Rates as Yields Drop

Royal Bank of Canada is the first major lender to lower mortgage rates after five-year bond yields fell in the wake of a surprise cut by the Bank of Canada last week, according to rate-monitoring websites.

Royal Bank, the country’s second-biggest lender by assets, offered a five-year fixed rate of 2.84 percent on Jan. 24, down from 2.94 percent last week, according to rate-tracking website Ratespy.com. That’s below RBC’s posted rate of 4.84 percent. The bank also trimmed its three-, seven-, and 10-year rates, according to CanadianMortgageTrends.com, an industry news website.