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RBC mortgage rates to rise on Monday

RBC's mortgage rates will rise on Monday.

TORONTO — One of Canada’s biggest mortgage lenders says many of its rates are going up Monday.

Royal Bank of Canada says the increases will range from one-tenth to two-tenths of a point, depending on the type of mortgage.

The biggest increase affects a five-year closed mortgage that RBC has been offering at 3.09% — a promotional rate below the regular rate of 5.14%.

The special five-year rate will rise to 3.29%.

Royal’s one-year closed mortgages will rise 0.14 of a percentage point to 3.14% and there will also be increases of one-tenth of a point for two-, three- and four-year mortgages.

Royal is the first of Canada’s major banks to announce higher mortgage rates since Canadian bond prices plunged last month.

Canada’s banks use the bond market to fund their commercial lending activities so other mortgage lenders may follow RBC’s lead.

The Canadian Press