Jun 07, 2013

By Michael Kramer

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One of Canada’s biggest mortgage lenders says many of its rates are going up Monday.

Royal Bank of Canada  says the increases will range from one-tenth to two-tenths of a point, depending on the type of mortgage.

The biggest increase affects a five-year closed mortgage that RBC has been offering at 3.09 per cent a promotional rate below the regular rate of 5.14 per cent.

The special five-year rate will rise to 3.29 per cent.

Royal’s one-year closed mortgages will rise 0.14 of a percentage point to 3.14 per cent and there will also be increases of one-tenth of a point for two, three – and four-year mortgages.

Royal is the first of Canada’s major banks to announce higher mortgage rates since Canadian bond prices plunged last month.

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