RBC Royal Bank today announced that it is decreasing its residential mortgage rates effective November 26, 2008 and is introducing three new mortgage rate offers.
The rate has decreased a 1/4 point from 7.20% to 6.95%. It is expected the other major banks will also lower there rates. This is great news for people shopping for new homes.
[http://www.newswire.ca/en/releases/archive/November2008/26/c4332.html]
Showing posts with label RBC. Show all posts
Showing posts with label RBC. Show all posts
Wednesday, November 26, 2008
Wednesday, October 8, 2008
Canada banks go for smaller cuts to prime rates
[Source - Reuters - By Lynne Olver]
Canadian banks will pass along only part of a central bank rate cut to borrowers, with Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) being the first to announce on Wednesday it will lower its prime lending rate by 25 basis points to 4.50 percent.
That is only half of the 50 point cut in administered rates made by the Bank of Canada earlier on Wednesday, when it acted with other central banks to lower key lending rates in an attempt to shore up investor confidence and ease the effects of the global credit crunch.
The Bank of Canada dropped its overnight rate target to 2.5 percent.
Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz), Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) and Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) said they would make the same reductions as Toronto-Dominion, bringing their prime rates to 4.50 percent from 4.75 percent, effective Thursday. Other banks were likely to follow suit, based on past patterns.
The prime rate influences borrowing rates on other consumer and business loans.
"There's certainly no rule that states that they have to cut their rates in lockstep with the Bank of Canada," said Steve Foerster, a finance professor at the University of Western Ontario's Ivey School of Business.
Click Here to Read More on Reuters.com
Canadian banks will pass along only part of a central bank rate cut to borrowers, with Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) being the first to announce on Wednesday it will lower its prime lending rate by 25 basis points to 4.50 percent.
That is only half of the 50 point cut in administered rates made by the Bank of Canada earlier on Wednesday, when it acted with other central banks to lower key lending rates in an attempt to shore up investor confidence and ease the effects of the global credit crunch.
The Bank of Canada dropped its overnight rate target to 2.5 percent.
Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz), Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) and Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) said they would make the same reductions as Toronto-Dominion, bringing their prime rates to 4.50 percent from 4.75 percent, effective Thursday. Other banks were likely to follow suit, based on past patterns.
The prime rate influences borrowing rates on other consumer and business loans.
"There's certainly no rule that states that they have to cut their rates in lockstep with the Bank of Canada," said Steve Foerster, a finance professor at the University of Western Ontario's Ivey School of Business.
Click Here to Read More on Reuters.com
Thursday, August 7, 2008
RBC Royal Bank decreases residential mortgage rates
TORONTO, August 6, 2008 — RBC Royal Bank announced today that it is decreasing its residential mortgage rates effective August 7, 2008. The changes are as follows:
Six-month open - 8.15 per cent (down by 0.25 per cent)
Six-month convertible - 6.35 per cent (down by 0.25 per cent)
One-year open - 8.50 per cent (down by 0.30 per cent)
One-year closed - 6.35 per cent (down by 0.30 per cent)
Two-year closed - 6.35 per cent (down by 0.30 per cent)
Three-year closed - 6.35 per cent (down by 0.30 per cent)
Four-year closed - 6.69 per cent (down by 0.30 per cent)
Five-year closed - 6.85 per cent (down by 0.30 per cent)
Seven-year closed - 7.30 per cent (down by 0.30 per cent)
Ten-year closed - 7.45 per cent (down by 0.30 per cent)
Twenty-five year closed - 8.35 per cent (down by 0.30 per cent)
Special Offers*
6-month convertible - 5.29 per cent (down by 0.25 per cent)
Four year closed - 5.63 per cent (down by 0.30 per cent)
Five year closed - 5.79 per cent (down by 0.30 per cent)
Seven year closed - 5.85 per cent (down by 0.30 per cent)
* The rates indicated are special discounted rates and are not the posted rates of Royal Bank of Canada. To calculate a rate discount compare the Special Offer rate against the posted rate for the applicable term. Special Offers may be changed, withdrawn or extended at any time, without notice. Not available in combination withany other rate discounts, offers or promotions.
[source - http://www.rbc.com/newsroom/links.html]
The other big banks will likely follow with rate cuts, however you will still always get a better rate and better service when dealing with a Mortgage Broker.
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