The Canadian Press

Royal Bank of Canada (TSX:RY) is lowering its posted rates on mortgages with terms of one, four and five years, effective Wednesday.

The biggest decline will be for Royal’s posted rate for one-year closed mortgages, which will drop by one-fifth of a percentage point to 3.40%.

The bank is lowering its posted rate for five-year closed mortgages by one-tenth of a point to 5.49% and its four-year rate by 0.05 percentage points to 5.14%.

Banks may offer customers a variety of rates in addition to their posted rates.

In Royal’s case, it’s also promoting special rates for four- and five-year closed mortgages. They fall to by 0.05 percentage points to 4.09% and by 0.10 percentage points to 4.19%, respectively.

IE