Royal Bank of Canada Raises Mortgage Rate, Ending Special
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Royal Bank of Canada, the country’s largest lender by assets, raised mortgage rates to reflect higher funding costs, ending a promotional rate three weeks before it was set to expire.
Royal Bank will increase its four-year fixed rate mortgage by 40 basis points to 3.39 percent effective Feb. 8, the Toronto-based lender said today in a statement. Royal Bank cut the mortgage rate to 2.99 percent on Jan. 13, following Bank of Montreal’s move to lower its five-year rate to a record low for the bank. Royal Bank’s special was set to expire Feb. 29.