RBC cuts 5-year fixed mortgage rate, other banks expected to follow

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After a fall in five-year bond yields, RBC cut its advertised five-year fixed mortgage rate.Nathan Denette / THE CANADIAN PRESS

Royal Bank of Canada has lowered its posted five-year fixed rate by 15 basis points from 3.89 per cent to 3.74 per cent.

Mortgage rate comparison website founder Robert McLister says RBC is the first of the Big Six banks to cut its advertised five-year fixed rate after a fall in five-year bond yields.

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