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RBC Hikes Special And Posted Residential Mortgage Rates

An article from the Financial Post

The Royal Bank 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% and its five-year special rate to 3.89%.

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% and 4.74% respectively.

Royal’s special offer four-year closed rate also goes up 20 basis points to 3.59%, its seven-year special offer closed rate by 20 basis points to 4.19% and its 10-year special offer closed rate to by 30 basis points to 4.59%.

On Tuesday, Bank of Montreal 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%.

Laurentian Bank 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%, 4.74% and 5.34%, respectively.