With effect from Thursday, RBC is increasing mortgage rates and making it more expensive for home-buyers who want to take more than 25 years to pay back their loan.
The special offer for a five year fixed rate mortgage is raised to 2.94 per cent, an increase of 30 basis points, for a four year fixed rate mortgage to 2.79 per cent and three year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.