Looks like RBC just upped two of it’s mortgage rates by one fifth of a point.
What will we do without our record low mortgage rates?
It’s probably just a minor fluctuation, but other banks are expected to follow as bond yields have edged up in the last month.
So if you want to do a rate lock in now might be the time.
Helmut Pastrick of Central One Credit Union explains:
“Sentiment has improved with respect to Europe and the economic outlook,” Pastrick said. “The economic news was quite negative for a period of weeks and now it is somewhat less negative.”
RBC’s posted rate for a three-year, fixed-rate mortgage will go up 0.2 percentage points to 4.05 per cent. Meanwhile, an RBC special-offer rate for five-year closed mortgages rises to 3.69 per cent.
The rise in the cost of funds for banks will mean other lenders will probably also raise their rates, or absorb some of the cost increase to hold onto or gain market share,” Pastrick said.
Read the full article over at the Vancouver Sun.