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RBC Royal Bank raising mortgage rates by one-fifth of a per cent
April 9, 2007 - 0:03 pm
VANCOUVER - RBC Royal Bank (TSX:RY) says it will raise a wide range of interest rates by one-fifth of a percentage point, effective Tuesday.
The Royal, Canada's largest bank, said its mortgages with terms of one year to 10 years will each rise by 0.20 percentage point. A five-year mortgage, for example, will have a posted rate of 6.64 per cent.
Rates for Royal's six-month mortgages will rise by only five-100ths of a per cent. Open six-month mortgages will have a posted rate of 8.2 per cent while six-month closed mortgages will have a posted rate of 6.5 per cent.
MyMortgageBC.com note: RBC is the first lender to announce an increase in mortgage rates at this time. We will have to wait to see if other lenders announce increases in their mortgage rates to see if this is a trend. |
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