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Interest-Rate Hikes May Trigger Bigger Bills on 80,000 Mortgages, RBC Says

Bloomberg business news
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Royal Bank of Canada said interest-rate hikes may trigger higher monthly payments for about 80,000 customers with variable-rate mortgages.

The increases will average about C$200 ($150), a level the lender expects most borrowers can afford, and most of Royal Bank’s variable-rate mortgage customers won’t hit those trigger rates. Less than 0.5% of customers will require so much as a phone call to discuss the changes, Chief Risk Officer Graeme Hepworth said on the Toronto-based bank’s fiscal third-quarter earnings call Wednesday.