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.
Full story here: http://business.financialpost.com/personal-finance/mortgages-real-estate/royal-bank-of-canada-raises-rates-on-new-mortgages-starting-jan-8
