Canadian banks are chopping their mortgage rates across the board by up to a third of a percentage point as the cost of borrowing in the bond market falls.
Royal Bank and BMO announced their cuts late Friday, while TD Canada Trust followed with its own rate cut announcement on Tuesday. Other banks are expected to follow.
The popular five-year closed mortgage gets the biggest cut.
At TD Canada Trust, a five-year closed mortgage drops three-tenths of a percentage point to 5.55 per cent. At the Royal, the five-year closed term falls three-tenths of a point to 5.49 per cent. At BMO, a five-year loan also falls to 5.49 per cent, but that represents a drop of .36 of a percentage point.
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