RBC lowers residential mortgage rates and introduces new five-year fixed closed mortgage offer

    TORONTO, Jan. 20 /CNW/ - RBC Royal Bank announced today that it is
decreasing its residential mortgage rates effective January 21, 2009 and
improving special mortgage offers.
    "RBC is dedicated to helping Canadians achieve their homeownership goals
throughout all economic cycles, said Karen Leggett, head, RBC Home Equity
Financing. "Today we're pleased to announce significant mortgage rate
reductions and special offers."

    Special Offers(*)
    One year fixed closed    4.00 per cent
    Four year fixed closed   4.39 per cent
    Five year fixed closed   4.49 per cent

    The changes are as follows:

    Six-month open           7.00 per cent     (down by 0.70 per cent)
    Six-month convertible    5.20 per cent     (down by 0.70 per cent)
    One-year open            7.15 per cent     (down by 1.10 per cent)
    One-year closed          4.50 per cent     (down by 1.10 per cent)
    Two-year closed          5.15 per cent     (down by 1.10 per cent)
    Three-year closed        5.15 per cent     (down by 1.10 per cent)
    Four-year closed         5.69 per cent     (down by 0.40 per cent)
    Five-year closed         5.79 per cent     (down by 0.96 per cent)
    Seven-year closed        7.00 per cent     (down by 0.20 per cent)
    Ten-year closed          7.15 per cent     (down by 0.20 per cent)
    Twenty-five year closed  8.05 per cent     (down by 0.20 per cent)

    (*) The rates indicated are special discounted rates and are not the
        posted rates of Royal Bank of Canada. To calculate a rate discount
        compare the Special Offer rate against the posted rate for the
        applicable term.

        Special Offers may be changed, withdrawn or extended at any time,
        without notice. Not available in combination with any other rate
        discounts, offers or promotions.

For further information:

For further information: Media contact: Stephanie Lu, (416) 974-5506

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