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11 Jul

RBC to raise mortgage rates

General

Posted by: Mike Hattim

  Jul 4, 2011

Anyone hoping to buy a home with the help of Canada’s largest bank has until the end of Monday to get the best possible rate.

On Tuesday, the Royal Bank of Canada will implement broad ranging rate hikes for its line of fixed-rate mortgages. With the sole exception of the six-month convertible option — which will remain at 4.45% — all of RBC’s special and regular fixed-term residential mortgage interest rates will be increased by between 0.1% and 0.15%.

See below for the complete list of new interest rates set to take effect on Tuesday.

Special fixed-rate offers

  • one-year closed — 3.3% (0.1% increase)
  • four-year closed — 4.34% (0.15% increase)
  • five-year closed — 4.39% (0.15% increase)
  • seven-year closed — 5.2% (0.15% increase)

Fixed rate mortgages

  • six-month convertible — 4.45% (no change)
  • one-year closed — 3.6% (0.1% increase)
  • two-year closed — 3.95% (0.1% increase)
  • three-year closed — 4.45% (0.1% increase)
  • four-year closed — 5.14% (0.15% increase)
  • five-year closed — 5.54% (0.15% increase)
  • seven-year closed — 6.5% (0.15% increase)
  • ten-year closed — 6.9% (0.15% increase)

Special rate offers may be changed, withdrawn or extended without notice, RBC said.

Several Canadian banks including RBC last executed a sweeping mortgage rate hike in late March.