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RBC hikes variable mortgage rates

Tue Aug 23, 2011 10:08 am

Royal Bank of Canada (RY-T49.941.463.01%) is hiking variable mortgage rates, seeking to pump up its profit margins as it becomes evident that interest rates will remain low for some time to come.

The country’s largest bank, which is also Canada’s biggest mortgage lender, said Tuesday that it is increasing the rates on its five-year variable closed residential mortgages by 0.20 percentage points. As a result, the price of its current special offer rate is now prime minus 0.45 per cent. ... le2138665/

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