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RBC drops home mortgage rate
; v D7 n9 X& y |6 s1 a6 tSep. 5, 2006. 12:45 PM- u: N% t8 S" g' I. Q3 C; ~4 K
CANADIAN PRESS
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Royal Bank of Canada (TSX: RY) has cut long-term mortgage rates by up to a tenth of a point.3 V, m' n: o# Q; a: a9 e# P+ _
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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.' b( @2 ^0 `; }
* w2 g, k. T4 e2 AAt 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.: }$ y0 E2 h4 X
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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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