The Canadian Press

Canada’s biggest banks are lowering the rates for their five-year mortgages, the second reduction this month.

RBC Royal Bank (TSX:RY) and TD Canada Trust (TSX:TD) say their posted rate for five-year mortgages will be reduced by 11 basis points to 5.99%, effective Friday.

The other Canadian banks will likely make similar announcements.

The posted rate for five-year mortgages at Canada’s major banks started the month at 6.25% but was lowered by 15 basis points on May 11 along with a range of other rate cuts.

Prior to this month, Canadian mortgage rates had been on the rise.