The nation’s biggest mortgage lender lowered its trend-setting 5-year posted and 5-year “Special Offer” rates yesterday.
RBC’s 5-year posted rate is now 5.39%, down 0.10%. That’s 0.14% above the 5.25% all-time low set last April.
RBC’s 5-year “special offer” rate is now 4.09%. Expect at least 3.99% in branch, assuming you’re not afraid to ask for it. (This is a discretionary rate that may not be available at all branches.)
5-year fixed rates in the broker-channel will likely keep pace. They’ve been in the mid- to upper-3% range for a while now.
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Last modified: January 28, 2010
Was there a press release on this? Can’t find it anywhere.
TD just followed suit.
4.3% posted 3-year rate
Hi Anon, RBC didn’t issue a release as far as I know. – Rob
So how did you find out, just word of mouth? Or you happened to check their website and noticed rates are lower than they were a few days ago?
We monitor the big lenders daily. – Rob
Has anyone recently seen any of the big banks discount their closed variable prime mortgages below Prime?
Hi Banker, Yes, they have been offering a small degree of discretion on variables through the branches. – Rob
Thank you for the information Rob.
I believe the big banks are catching up to ING, which very quietly put their 5 year variable @ 2.05% and 4 and 5 year fixed @ 3.99%. Some smaller institutions have variables under 2.00% now. If you do get a great variable, you need to keep in mind what rates will be like for the next few years. Get the best rate now and enjoy but be prepared for rates to go up in the future. ING has the option of jumping into a 3, 4 or 5 year fixed at any point in the 5 year variable with no penalty. If there is any better plans out there, please share.
PS: Does anyone know if the new HST Tax in Ontario will be applied to the Land Transfer Tax? I am having trouble getting this question answered. Thank you and good luck to all.
Why do banks with broker divisions always lower rates last? It would be nice to see CIBC and Scotiabank lead on rate cuts for once.
Mike, you think they will add HST to a tax? Like a tax on a tax? Seriously?
HST on land transfer tax is double taxation. The province would not do that.
here in B.C. Coast Capital Savings has 3.85 for five years posted on their website
Several lenders are lower than 3.85%. Call a broker.
Pete,
I did. but to no avail.
Can you name some of the “several” who are below P-0.4%
John you are confused. Coast Capital’s variable is 2.05%. It is their 5 year fixed that is 3.85%.
Just secured a 5 year fixed rate of 3.59% with TD. Variations from other TD branches included 3.79%, 3.89% and 4.1%. These rates are after the discretionary deduction is applied. How can there be such a discrepancy from branch to branch within one institution?
I’m getting the same rate through my broker. I have given up on dealing with branches. It is like pulling teeth to finagle a good rate.
nozerp,
if it is not a secret – where (which branch) did you get 3.59%? thanks