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RBC drops home mortgage rate
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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.
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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.
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% Y) X0 @9 n' f6 }( F0 r) HAt 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.7 Q Q0 U @1 t: Z
! V2 l. d( |1 P( l% |+ O9 d6 mThe cuts reflect the lower cost of borrowing in the bond market, where banks finance their mortgage loans. |
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