While the big lenders were hesitant to pass on the Bank of Canada’s interest rate cut last week, this week there’s talk of a price war, with Royal Bank of Canada being the first to take the plunge.
The first of the big banks to cut mortgage rates, RBC has dropped its five-year fixed rate deal to 2.84 percent and is also cutting its other fixed products. Its flexible rates remain unchanged, along with other lending from the bank.
Although these rates are simply their published deals and often times brokers are able to secure better ones, nonetheless this ‘battle of the rates’ backs the notion that now is a good time to buy.
If you have any questions or are in the market to buy, give us a call and we’ll be sure to fit you with the best mortgage possible.