Jan 12, 2018
By Michael Kramer
The Royal Bank of Canada has increased its fixed-rate mortgages – as the economy gains ground and the bond market strengthens.
Their special rate for a five-year fixed with 25-year amortization – moves to 3.54 per cent from 3.39.
Many economists are also predicting that the Bank of Canada may raise its key interest rate target next week – a move that would likely prompt the big banks to raise their prime rates.
That initiative would push up the cost of variable-rate mortgages and other loans – such as home equity lines of credit.