RBC Royal Bank announced today that it is decreasing its residential mortgage rates effective August 18.

The bank is trimming is posted rates by 0.1%.

It’s one-year closed mortgage drops to 6.4%, while its 10-year mortgage slips to 7.60%

The bank said the 0.1% cut also applies to its special mortgage offers.

Other banks quickly followed Royal’s lead.

BMO Financial Group is cutting its range of rates from between 0.1% to O.2%.

TD Canada Trust is trimming most of its posted rates by 0.1%, but the 10-year closed rate is falling 0.25% to 7.25%.