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RBC drops home mortgage rate
" W. [! G- ~- j, `5 [1 zSep. 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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1 n' a3 f# s7 d' a# I" s* ^0 O) P8 SCanada'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.4 |9 D: g2 U( ?
: P: F4 g( w% ? K0 r `At 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.
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. }, K6 P. w7 R9 eThe cuts reflect the lower cost of borrowing in the bond market, where banks finance their mortgage loans. |
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