The Royal Bank, TD Bank & CIBC all dropped rates again today. In fact the Royal Bank lowered rates over the weekend without much fanfare. This has been a common practice lately with them. The 5 year posted fixed rate is now at 5.39% at the three banks and others will follow undoubtedly. We have now seen a drop of 40 bps in the last month on the 5 year fixed rate term.
And based on the yields on the 5 year bond we may see further decreases as there is room so stay tuned.