RBC now raises special fixed rate

RBC now raises special fixed rate

RBC now raises special fixed rate
RBC is one again leading the push to higher fixed rates, taking its “special” 5 year rate to a hefty 3.69 per cent, effective Wednesday.
 
Many of its other special fixed rates will also see a hike, specifically a 10 bps increase on the 4-year closed to 3.39 per cent, a 20 bps increase to 3.99 per cent on the 7-year offer, and a 30 bps increase on the 10-year closed to 4.29 per cent.
 
This continues RBC’s upward pressure on mortgage rates, when the major bank decided to move rates above the 2.99 threshold over a month ago, coming on the heels of BMO’s announcement back in the early spring that it was not renewing its special 2.99 offer. That five-year term is now 3.19 per cent.
 
RBC had increased rates a week ago Monday, bumping a number of fixed rate offers by 20 bps, and pushing the 3-year closed rate up 10 bps to 3.75 per cent.
 
Just recently TD Canada Trust increased its special 5-year closed residential rate 10 bps to 3.39 per cent – a discount off the posted rate. This was quickly followed by Scotia, which moved its 2-, 4-, 7- and 10-year fixed terms up 10 bps on June 22, with a 4-year mortgage now 3.09 per cent. 
 
B2B Bank and Laurentian have also increased rates, each moving posted numbers to 3.14 per cent on a one-year fixed closed.
 
Laurentian also posted 3.14 on the 2-year fixed rate, and 3.55 for a three-year fixed; whereas B2B now has 3.19 per cent on a 2-year closed, and 3.65 per cent on a 3-year closed.
 
The move continues a trend started by First National and MCAP, when they raised the 5-year fixed rates to 3.09 per cent.
2 Comments
  • Walid 2013-07-02 7:02:28 PM
    MCAP at 2.94% quick close ? There must be a mistake. I am in Montreal and we don't have that kind of pricing.
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  • Easy Decision 2013-07-03 6:15:20 AM
    MCAP's quick close is 3.44% here in Ontario...and the 5 yr rates for First Nat and MCAP are most certainly not 3.09....I feel like this article was written 3 weeks ago and just published now....
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