TORONTO (CP) -- Canada's biggest banks have lowered their mortgage rates.
The Royal Bank, TD Canada Trust, Scotiabank and Bank of Montreal are cutting their house loans by a tenth of a point, effective today.
The cuts reflect lower borrowing rates in the bond market, where banks finance their mortgage loans.
The posted rate for a five-year closed mortgage falls to 5.49 per cent, down a tenth of a point.
Meanwhile, a three-year closed loan drops by the same amount, to 4.45 per cent.