RBC Royal Bank announced today that it is increasing rates on new residential mortgage special offers effective December 17, 2019.
The three-year fixed close rate is now 3.24%, which is an increase of 0.10%. The four- and five-year fixed closed rate is also at 3.24%, which is an increase of .20% for both terms.
“We consider a number of factors when making changes to mortgage rates, including our funding costs and market conditions. Based on current conditions, our rates reflect the right balance between our clients’ expectations and our costs of funding mortgages,” said Mary Ellen Brown, Senior Vice-President, Home Equity Financing, RBC.
“We continue to operate in a low-rate environment, and are committed to helping clients understand the full cost of home ownership. We encourage homebuyers to do their homework, take the time to know what’s right for them when it comes to buying a home, and call or meet with us should they have any questions.”