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Toronto, January 8 (CINEWS): In a move that is being discussed in homes and real estate offices, RBC has announced mortgage rate hikes. It’s special offer five-year fixed mortgage goes up one-tenth of a percentage point to 3.04 per cent.
It noted that the changes don’t apply to its posted mortgage rates, which are typically higher than special offer rates.
Several other special offer mortgage rates from RBC will also rise by 0.10 per cent on Friday but the amount of annual interest charged will depend on whether the term is two, three or four years.
Royal (TSX:RY) is also raising the rate for a variable five-year mortgage by 0.15 per cent, starting Jan. 8.
So what do homebuyers and owners need to understand? To begin with, the housing market will stay stable and the only reason is the continuing low mortgage rates which are unlikely to rise in the near future given the current sluggish economy.
Rates may go up marginally after the recent RBC rate increase, other banks are expected to follow.
RBC will increase borrowing costs on special offers for fixed-rate mortgages with terms of two to five years by 0.1 of a percentage point. For example, the five-year fixed rate will rise to 3.04 per cent from 2.94 per cent, enough to increase monthly payments on a $400,000 mortgage amortized over 25 years to $1,901 per month from $1,881.