(778) 668-9320 scott.dawson@verico.ca

Following the news of an increase from TD Canada Trust yesterday, RBC Royal Bank announced today that it is changing its Variable Closed Residential Mortgage rates, including special rate offers effective August 24, 2011.

5 Year Variable Closed Posted Rate is now Prime + 0.00% (increased by 0.20 per cent). Discounts for qualified applicants will be in the Prime -0.45% range. Although RBC doesn’t provide mortgages through the mortgage broker channel this should be a trend we will begin to see from other lenders as well.

If you are thinking of obtaining a Variable Rate mortgage for a purchase, switch or refinance within the next 120 days it is advisable to obtain a rate hold sooner rather than later.