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    Big Banks RBC and BMO lowering mortgage rates others to follow

    Canada’s biggest banks are cutting their posted home mortgage rates, effective Wednesday.

    The Royal Bank (TSX:RY) said its new posted rate for a five-year closed mortgage will be 5.59 per cent, down 0.1 percentage points. Meanwhile, the Bank of Montreal (TSX:BMO) said it will cut its five-year fixed rate by 0.2 percentage points to 5.59 per cent.

    Canadian banks raise or lower their rates for fixed-term mortgages in response to trends on the bond markets.

    Variable-rate mortgages go up or down when the banks adjust their prime rates.

    Prime rates last changed on July 20, rising by one-quarter of a point after the Bank of Canada increased its policy rate to 0.75 per cent.

    The MONEY® Network