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Good Time to Lock in Mortgage Approval

Blog by Diane Cardoso | January 7th, 2016

Sitting on the fence about buying a home? Now, would be a good time to lock in your mortgage rates as the Royal Bank of Canada says it will increase rates on some mortgages from Friday. Fixed mortgages of between 2 and 5 years will rise by 10 basis points while 5-year loans will rise by 15 per cent. While the federal regulations on mortgage lending have tightened conditions for the banks RBC’s Sean Amato-Gauci said that the increases were due to a number of market conditions. Although RBC is the only lender to have announced the move so far it is expected that others will follow, after a brief period of letting RBC draw fire as the first to move.