Royal Bank hikes mortgage rates again
Filed Under Main Content · Tagged: Bank Canada, Bank Mortgage, Bank Of Canada, Banks, Basis Points, Federal Reserve, Fixed Mortgage, Fixed Rate Mortgage, Homebuyers, Mortgage Rates, Mortgages, Post Canada, Rate Increases, Royal Bank Of Canada, Third Time
Financial Post- Royal Bank of Canada is leading the charge to higher mortgage rates, boosting the cost to new homebuyers for the third time in less than a month.
The country’s biggest bank said Monday it is lifting the rate on most mortgages by 15 basis points.
After hikes of 60 basis points and 25 basis points respectively, Monday’s hike brings the rate on Royal’s five-year closed fixed-rate mortgage to 6.25%.
When Royal hiked rates in late March and earlier this month, the other big banks followed suit soon after.
The banks say they are raising mortgage rates because their own cost of funding is going up ahead of expected rate increases from the Bank of Canada and U.S. Federal Reserve this summer…
Royal Bank hikes mortgage rates again
Canadian banks boost mortgages
Filed Under Main Content · Tagged: Bank Of Canada, Canada Banks, Canadian Banks, Canadian Mortgages, Canadians, Fixed Rate Mortgage, Fixed Rate Mortgages, Globe And Mail, Interest Rate, Interest Rates, Monday Morning, Mortgage Rates, Percentage Points, Reminder, Royal Bank Of Canada, Ry, Signs, Variable Rate Mortgages
The Globe and Mail- Two of Canada’s largest banks are raising rates on some fixed-rate mortgages, a reminder that mortgage rates can go up before the central bank’s key interest rate does.
The move comes as many Canadians with variable-rate mortgages have been anxiously watching for signs of exactly when the Bank of Canada will begin hiking interest rates, in a bid to wait and lock into a fixed-rate mortgage at what they hope will be the ideal time.
Royal Bank of Canada (RY-T59.24-0.58-0.97%) , the country’s largest bank, said Monday morning that it is raising the rate on three-year closed fixed-rate mortgage by 0.20 percentage points to 4.35 per cent. The four-year closed rate will increase by 0.40 to 5.34 per cent, and the five-year closed rate will rise by 0.60 percentage points to 5.85 per cent.
Canadian banks boost mortgages – The Globe and Mail
Canadians fret over mortgage rates, prices
Filed Under Main Content · Tagged: Bank Of Canada, Canadians, Current Rates, Globe And Mail, Housing Market, Interest Rates, Ipsos Reid, Lump Sum Payment, Mortgage Holders, Mortgage Rates, Principal Mortgage, Royal Bank Of Canada, Survey, Surveys, Three Quarters, Two Thirds
The Globe and Mail- More Canadians are looking to enter the housing market ahead of higher interest rates and home prices that are expected to arrive later this year, two surveys showed Wednesday.
More than two-thirds of Canadians expect mortgage rates to rise over the next year, with about the same number of mortgage holders concerned about higher rates, a Royal Bank of Canada annual homeownership survey showed.
But the survey, conducted by Ipsos Reid, also showed three-quarters of homeowners believe preparation is key to handling upcoming changes such as higher mortgage rates.
The survey showed six in 10 mortgage holders say they have taken advantage of current low rates to pay off more principal.
It also revealed that 18 per cent of homeowners say they have made a lump sum payment on their mortgage and 16 per cent have doubled up payments to reduce the principal…
Canadians fret over mortgage rates, prices – The Globe and Mail
Canadian big banks top expectations
Filed Under Main Content · Tagged: Associated Press, Bank Of Canada, Canada Banks, Canadian Banks, Royal Bank Of Canada, Subprime Mortgage, Top Executive
The Associated Press – Canada’s banks avoided the subprime mortgage mess. A top executive at the Royal Bank of Canada also noted a robust spring mortgage season. …
