RBC has led the way again… announcing yesterday that they have lowered their fixed interest rates by the following.
- 5 year posted fell .15% to 5.59%
- 1,2 & 3 year terms fell .20%
Shortly after this announcement, BMO matched the drop and TD decided ONLY match the 5 year drop. The other majors (CIBC & Scotia) haven’t announced anything yet, but they are likely to follow in some capacity.
There has been NO further changes on the variable rate side with one lender still offering prime minus .25% but NO majors have followed.