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Stock impact report

RBC cuts 5-year fixed mortgage rate, other banks expected to follow [Financial Post (Toronto, Ontario, Canada)]

Royal Bank Of Canada (RY) 
Last royal bank of canada earnings: 2/21 06:00 am Check Earnings Report
US:NYSE Investor Relations: rbc.com/investorrelations/index.html
Company Research Source: Financial Post
RBC cuts 5-year fixed mortgage rate, other banks expected to follow With volatility down, competitors have started undercutting big banks, putting pressure on them to act Royal Bank of Canada has lowered its posted five-year fixed rate by 15 basis points from 3.89 per cent to 3.74 per cent. Mortgage rate comparison website founder Robert McLister says RBC is the first of the Big Six banks to cut its advertised five-year fixed rate after a fall in five-year bond yields. McLister adds that he expects other big banks to follow suit in the coming days. When asked what prompted the rate drop, an RBC spokesperson said a number of factors have impacted the Toronto-based bank’s cost of funds. RBC says that includes the rate the bank pays in the wholesale market, increasing regulatory costs and market volatility. McLister says now that market volatility has subsided, the bank’s competitors have started undercutting big banks which puts pressure on them to act. Show less Read more
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