RBC Hikes Mortgage Rates
RBC Hikes Mortgage Rates

RBC Hikes Mortgage Rates

RBC Hikes Mortgage Rates

Royal Bank of Canada, Canada’s biggest lender, said it had lifted the posted rates on some of its fixed-rate mortgages, following the lead of its biggest rival Toronto-Dominion Bank on Wednesday, Reuters reported. The move will make it even harder for borrowers to obtain home loans, coming after Canada’s banking watchdog introduced new rules at the start of the year compelling banks to test if borrowers can afford to repay loans at a level 200 basis points the contracted rate. RBC said that rates on its one-year to four-year fixed rate mortgages would rise by 15 basis and rates on its five-year to 10-year fixed rate mortgages would rise by 20 basis points from April 30. The bank’s current posted fixed five-year mortgage rate is 5.14% and it will rise to 5.34%. However, RBC’s five-year variable mortgage rate will fall to 3.3% from 3.45%. TD Bank lifted its five-year closed rate by 45 basis points to 5.59%. Canada’s third-biggest lender, Bank of Nova Scotia, declined to say if it was considering hiking rates. CIBC said its rates remained unchanged. Bank of Montreal did not respond to requests for comment.


Short URL : https://goo.gl/ypC2e5
  1. https://goo.gl/tFd56a
  • https://goo.gl/QMotsb
  • https://goo.gl/hxBdPX
  • https://goo.gl/nUpN8m
  • https://goo.gl/vwWjVo

You can also read ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Surging Inflation Mars Philippines Growth
The Philippine economy in 2018 is a story that can be summed...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Sudanese Hit by Bread Shortages
Bread shortages have hit Sudan, with wheat traders blaming a...

Add new comment

Read our comment policy before posting your viewpoints