Canada’s banks are trimming mortgage rates.

Royal Bank of Canada said today it will trim its five-year closed mortgage rate by 0.15 percentage point, to 5.7%, as of Saturday. CIBC matched the cut.

Royal’s 0.15 cut applies to closed mortgages with terms of two years and up, with new rates ranging from 4.95% at two years to 7.85 at 25 years. The one-year open, six-month open and six-month convertible rates are to be cut by 0.10 to 6.9%, 6.6% and 4.75%, respectively.

CIBC announced similar rate cuts of 0.10 for terms of one year or less and 0.15 for two to 10 years.

TD Canada Trust trimmed its rate by 0.15 for terms of terms of two to 10 years.