Royal Bank of Canada (RBC) is lowering its rate for its five year mortgages, making this the second reduction for the month.
RBC has decreased its five year mortgages by about one-tenth of a percentage point to 5.99%.
At the beginning of the month, the five year mortgage rate started at 6.25%, but it was lowered 15 points on May 11th, alongside a range of other cuts.
Bank of Montreal (BMO) announced as well that it will be decreasing its residential mortgages, making this the second decrease for the month as well. BMO’s five year low rate fixed closed mortgage and five year fixed closed mortgage have both been decreased by 0.11%, to 5.99%.
Another rate decrease is in BMO’s special offers; the five year fixed closed mortgage has decreased by 0.11% to 4.59%.
Currently, BMO still offers the lowest five year low rate fixed closed mortgage, which is at 4.35%.
Mortgage rates are still near their historic lows, which makes it ideal for homebuyers on the market today as there have been a cooling in house prices, especially since there have been an increase in house listings.
Starting early next month it is highly anticipated that there will be an increase in interest rates, with that said be sure to take full advantage of what is currently available.