Royal Bank of Canada, the largest mortgage lender in Canada, has raised its fixed mortgage rates and other banks are likely to follow close behind.
The special rate on RBC’s four-year fixed term mortgage has risen 10 basis points to 3.09%, and their five year special rate is up 20 basis points to 3.29%.
The posted rate on a one-year mortgage is going up fourteen basis points to 3.14%, while the posted rates on two and three year mortgages are each rising by 10 basis points, to 3.14% and 3.65%. The new rates took effect on Monday June 10th.
Bond rates continue to rise and it is expected we will see more lenders increase their rates in the coming days.
