{"id":16154,"date":"2019-01-28T01:00:17","date_gmt":"2019-01-28T06:00:17","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16154"},"modified":"2019-01-24T10:04:40","modified_gmt":"2019-01-24T15:04:40","slug":"rbc-cuts-5-year-fixed-mortgage-rate","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rbc-cuts-5-year-fixed-mortgage-rate\/","title":{"rendered":"RBC Cuts 5-Year Fixed Mortgage Rate"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Last week, Royal Bank of Canada lowered its posted five-year fixed rate from 3.89% to 3.74%. It was the first time since October 2017 that Canada\u2019s biggest bank has lowered its mortgage rate.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s interesting about the move is that it\u2019s an about-face in terms of how rates have been trending &#8211; upward. The Bank of Canada has regularly increased its benchmark rate and mortgage rates have followed in lockstep.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, it seems homebuyers may be in for a bit of reprieve \u2013 at least for now \u2013 following RBC\u2019s decision to slash its rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And other banks are expected to follow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;RBC is the largest mortgage lender in Canada, so whenever they move their mortgage rates we can expect that the other four banks will follow suit,\u201d James Laird, president of CanWise Financial, said. \u201cWe anticipate that the other big banks will soon have a publicly posted rate of 3.74% as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe have expected this move from lenders since bond yields dropped in December, after the Bank of Canada\u2019s announcement stating that future rate hikes would be slower and less frequent. The most recent Bank announcement highlighted policymakers\u2019 concerns with our energy and housing markets, which suggested to us that rates will be stable for a longer period of time than had previously been anticipated.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, homebuyers, at least for now, can expect to save a little money on their mortgage than they would have mere weeks ago.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Much Will Borrowers Save?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">According to Ratehub.ca&#8217;s\u00a0<a href=\"https:\/\/www.ratehub.ca\/mortgage-payment-calculator\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"mortgage payment calculator (opens in a new tab)\">mortgage payment calculator<\/a>, a homeowner with an $800,000 mortgage and 5-year fixed rate of 3.89% will have monthly mortgage payments of $4,161.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comparatively, a homeowner with a 5-year fixed rate of 3.74% would have monthly mortgage payments of $4,096.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A 0.15% difference in their mortgage rate would lower mortgage payments by $65 per month or $780 per year.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, homebuyers can save even more by shopping around. The\u00a0<a rel=\"noreferrer noopener\" aria-label=\"best mortgage rate in Ontario (opens in a new tab)\" href=\"https:\/\/www.ratehub.ca\/current-mortgage-rates-ontario\" target=\"_blank\">best mortgage rate in Ontario<\/a>, for example, is 3.29% for a five-year fixed rate.\u00a0\u00a0That\u2019s also the\u00a0<a rel=\"noreferrer noopener\" aria-label=\"best mortgage rate in BC (opens in a new tab)\" href=\"https:\/\/www.ratehub.ca\/current-mortgage-rates-british-columbia\" target=\"_blank\">best mortgage rate in BC<\/a> and\u00a0<a rel=\"noreferrer noopener\" aria-label=\"Alberta (opens in a new tab)\" href=\"https:\/\/www.ratehub.ca\/current-mortgage-rates-alberta\" target=\"_blank\">Alberta<\/a>.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">It&#8217;s a Good Time to Shop Around<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The takeaway from this rate news is that potential homebuyers should stay informed about where mortgage rates are and where they might be heading.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cCanadians who need a mortgage this year should check back frequently with rate sites and mortgage providers. As the spring home buying market approaches many lenders will offer deep discounts and promotions in order to attract new customers,\u201d Laird said. \u201cAnyone looking for a variable rate should act quickly, because the current stable interest rate environment is causing lenders to reduce the discounts being offered on variable rate mortgages.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, Royal Bank of Canada lowered its posted five-year fixed rate from 3.89% to 3.74%. It was the first time since October 2017 that Canada\u2019s biggest bank has lowered its mortgage rate.&nbsp; What\u2019s interesting about the move is that it\u2019s an about-face in terms of how rates have been trending &#8211; upward. The Bank [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":16155,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[487,172],"tags":[],"class_list":["post-16154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guest-posts","category-mortgage-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBC Cuts 5-Year Fixed Mortgage Rate | Zoocasa<\/title>\n<meta name=\"description\" content=\"RBC cuts 5-year fixed mortgage rate for the first time since 2017, as the Bank of Canada opts to leave its trend-setting cost of borrowing unchanged and...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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