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RBC drops home mortgage rate
8 f- {9 H& n) |! k* VSep. 5, 2006. 12:45 PM4 a5 i6 f4 S% D; I7 }# k
CANADIAN PRESS
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/ z; {$ d/ f1 W3 D% u$ BRoyal Bank of Canada (TSX: RY) has cut long-term mortgage rates by up to a tenth of a point.( N" G2 _; t8 [' i
$ U. N& [* E5 x- h( J$ K) rCanada'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.
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! W% c1 I2 Q1 e, g7 I& E, LAt 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.( c Z v1 l( c" O9 R" D7 v
1 R: d4 Z: ]! h+ l) [0 d$ bThe cuts reflect the lower cost of borrowing in the bond market, where banks finance their mortgage loans. |
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