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Company Loan Type APR Est. Pmt.

Canadian Banks raises the mortgage rate

Posted on: 23rd Apr, 2006 09:08 pm

Again banks raise the mortgage rate. :( :(

The Royal Bank of Canada (RBC), Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC) raises the mortgage rates by 1/10th of a percentage point. It reflects the rising cost of borrowing in the bond market.

For example, A 5 year closed mortgage at RBC and CIBC jumps to 6.75%. The new 5 year rate of BMO's is 6.04%.

After the Bank of Canada announced hiking its rate, the cost of variable mortgage has rises for the 6th time since the summer.

After rates hike in Tuesday, rate of the variable mortgage will be about 4.85% from 3.45% at the beginning of September, 2005. As a result, the payment on a $150,000 mortgage will rise to about $860 from $745.

There is also rise in rate to 5.25% from 4.5% having in September, 2005 for 5 year fixed mortgage.

Posted on: 25th Apr, 2006 11:59 pm
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