RBC boosts both special and posted residential mortgage rates
Published Thursday, August 22, 2013 9:08AM EDT
Last Updated Thursday, August 22, 2013 5:57PM EDT
TORONTO -- The Royal Bank (TSX:RY) is increasing several of its residential mortgage rates, including fix posted rates as well as special offer rates.
Royal Bank's announcement Wednesday came a day after the Bank of Montreal raised some of its mortgage rates.
For the most part, Royal Bank is increasing the rates by 20 basis points, with its fixed five-year closed mortgage rising to 5.34 per cent and its five-year special rate to 3.89 per cent.
The rate changes are effective Thursday.
Other rates rising 0.2 percentage points include the bank's posted three- and four-year closed rates to 3.95 per cent and 4.74 per cent respectively.
Royal's special offer four-year closed rate also goes up 20 basis points to 3.59 per cent, its seven-year special offer closed rate by 20 basis points to 4.19 per cent and its 10-year special offer closed rate to by 30 basis points to 4.59 per cent.
On Tuesday, Bank of Montreal (TSX:BMO) boosted two of its rates by 20 basis points.
The five-year fixed closed rate and the five-year special fixed closed rate are now both 3.79 per cent.
Laurentian Bank (TSX:LB) followed suit on Wednesday, announcing 20-basis point boosts to its three-year, four-year and five-year fixed rates.
The rates are now 3.95 per cent, 4.74 per cent and 5.34 per cent, respectively.