Canada’s banks are lowering some of their five-year mortgage rates.

Royal Bank of Canada lowered its five-year mortgage rate by one-tenth of a percentage point starting Tuesday.

The bank said most of its rates will be unchanged but five-year closed mortgages will drop by 0.1% to 5.19%.

Bank of Montreal, TD Canada Trust, CIBC, and National Bank also announced plans to match the RBC five-year rate.

IE