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TORONTO — Most of the country’s big banks are cutting long-term mortgage rates by up to a tenth of a point, thanks to the lower cost of borrowing in the bond market. Royal Bank of Canada, the biggest bank, announced Tuesday it is reducing the posted rate on three-year to 10-year loans by a tenth of a point. The reductions are effective Wednesday. The rate on a three-year closed term loan falls to 6.5 per cent, to 6.75 per cent on a five-year loan and to 7.25 per cent on a seven-year loan. The Bank of Montreal also made changes to its residential mortgage rates, lowering the three-year to 18-year rates a tenth of a point. Effective Wednesday, the two-year rate falls by a fifth of a point, down to 6.40 per cent. TD Canada Trust brought its three-year to six-year closed mortgage rates down by a tenth of a point — to 6.55 per cent and 6.85 per cent — while National Bank of Canada reduced its three-year to 10-year rates by 0.10 per cent. Desjardins Group also reduced its three-year to 10-ye