RBC one-year closed mortgage drops to 3.70%
Royal Bank of Canada is decreasing its residential mortgage rates by as much as 30 basis points, effective September 5, the bank said Friday.
The rate on a one-year closed mortgage drops 20 bps to 3.70%, while the posted rated for a five-year closed mortgage decreases 30 bps to 5.49%.
Bank of Montreal followed suit, also dropping its posted rates by 10 to 30 bps.
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