Photo by Douglas Sprott
The Royal Bank of Canada has changed its residential mortgage special rate offers. The new rates came into effect March 16, 2011.
Special closed four- and five-year offer rates have been decreased to 4.19 per cent. The seven-year closed offer rate has been cut to 5.10 per cent, which is the most significant decrease (of 20 basis points). The same cut has been made with seven-year closed rate mortgages, the rate of which is now 6.40 per cent.
There is only a small difference between seven-year and ten-year closed rate mortgages (0.20%) as ten-year rate mortgages have been decreased by 15 basis points.
Short-term closed fixed-rate mortgages have remained at the same levels: 3.5 per cent for one-year; 3.75 per cent for two-year; and 4.35 per cent for three-year.