RBC Bumps Up Mortgage Rate
CBJ — Royal Bank of Canada has become the first of the big Canadian banks to increase interest rates on five-year fixed mortgages. The move comes ahead of the Bank of Canada’s interest rate decision next week.
RBC increased its posted five-year fixed rate by 15 basis points to 5.14%, with additional increases expected in other areas.
Scotiabank is also believed to be considering a rate hike prior to the Bank of Canada’s announcement.