Royal Bank of Canada, the country’s second- largest lender by assets, said it’s raising some mortgage rates even as the costs for funding home loans declines.
Royal Bank’s special discounted rate for its five-year fixed mortgage will rise to 3.04 per cent from 3.03 per cent effective Jan. 8, the Toronto-based bank said Tuesday in a statement. A five-year variable mortgage, which is tied to the bank’s prime rate, will rise to 2.6 per cent from 2.45 per cent. The lender also raised its discounted rates for two-, three- and four-year fixed mortgages.
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