Borrowing costs declined on Friday as major Canadian banks cut their mortgage rates on several longer-term loans.
Royal Bank, TD Canada Trust and Laurentian Bank all announced cuts ranging from 0.05 to 0.1 of a percentage point.
With the change, a posted five-year closed mortgage rate now ranges from 7.39 to 7.4 per cent.
The banks' posted 10-year mortgage rate was 8.05 per cent, down 0.1 of a percentage point.
Rates on one-year closed mortgages remained unchanged in a range from 7.25 to 7.35 per cent.
On Tuesday, the Bank of Canada cut its key overnight rate — the target rate is sets for overnight loans between major banks — by 0.25 of a percentage point, and signalled that more cuts will be likely to keep the Canadian economy on track.
The cut by the central bank led major banks to cut their lending costs on variable-rates mortgages.
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