TORONTO — Canada's biggest banks are lowering the rates for their five-year mortgages, the second reduction this month.

RBC Royal Bank and TD Canada Trust say their posted rate for five-year mortgages will be reduced by 11 basis points to 5.99 per cent, effective Friday.

The other Canadian banks will likely make similar announcements.

The posted rate for five-year mortgages at Canada's major banks started the month at 6.25 per cent but was lowered by 15 basis points on May 11 along with a range of other rate cuts.

Prior to this month, Canadian mortgage rates had been on the rise.

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