RBC hikes special and posted residential mortgage rates

Canadian Press
Financial Post


TORONTO — 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.