Royal, TD trim some mortgage rates

Two of Canada's big banks announced Thursday they will drop some posted mortgage rates by a 1/10th of a percentage point.

The cuts by Royal Bank and TD affect only fixed-rate mortgages and will take effect Friday.

The banks' mortgage rate cuts take effect Friday. (M. Spencer Green/Associated Press)

The cuts will result in interest rates ranging from 3.6 per cent to seven per cent.

The Royal's variable-rate mortgages remain unchanged because they are tied to the bank's benchmark prime rate, which has not changed.

Canadian banks raise or lower their rates for fixed-term mortgages in response to changes in their borrowing costs in the bond markets.

Prime rates last changed on June 1, rising by one-quarter of a point after the Bank of Canada increased its key rate from an all-time low.

With files from The Canadian Press

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