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RBC drops home mortgage rate
0 E+ a" i. q7 X2 p; f/ I- w/ b" `Sep. 5, 2006. 12:45 PM
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Royal Bank of Canada (TSX: RY) has cut long-term mortgage rates by up to a tenth of a point.
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Canada's biggest bank announced Tuesday it is reducing the posted rate on three-year to 10-year loans by a tenth of a point. The reductions are effective Wednesday.* V5 n, m6 t. Z; D' c; T: x8 X
1 S/ y9 M3 I& N: J; m$ K! KAt the Royal, a three-year closed term falls to 6.5 per cent, while a five-year loan drops to 6.75 per cent and a seven year loan to 7.25 per cent.; W" V6 b! d U0 D0 j d! z
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The cuts reflect the lower cost of borrowing in the bond market, where banks finance their mortgage loans. |
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