Banks reduce some mortgage rates

Three Canadian banks announced Thursday that they are lowering their five-year closed mortgage rates for the second time this month, effective today. RBC Royal Bank, TD Canada Trust and Bank of Montreal announced that they would lower their five-year fixed-rate closed mortgages by 11 basis points to 5.99 per cent. The cuts this month follow three increases in April that took five-year, fixed rates from 5.25 per cent to 6.25 per cent.