Toronto: Mortgage Season and Banks Aren

toronto: Spring is mortgage season, and if the banks aren't competitive in the rates they charge they can lose market share, according to The Toronto Star. Randy Risling / Toronto Star File Photo There's likely more to come, according to mortgage broker Jaimes Laird, co-founder of rate-monitoring site Ratehub.ca. Earlier this week, RBC lowered the posted rate for its flagship 5-year fixed mortgage to 3.74 per cent, from 3.89. I think we could see 5-year fixed at 3.5 per cent by the end of February, said Laird.RBC's move comes on the heels of a decision from the Bank of Canada on Jan. 9 to hold its key overnight lending rate at 1.75 per cent. Article Continued Below The overnight lending rate is the rate banks charge each other for short-term loans, and it heavily influences the prime rate that banks charge to their best customers. In its decision, the Bank of Canada cited concerns the Canadian economy is slowing down, particularly due to low oil prices and weakness in the housing market. (news.financializer.com). As reported in the news.