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RBC drops home mortgage rate9 i6 \: ~; `+ R# e, E1 n- N8 `8 _, u' ?
Sep. 5, 2006. 12:45 PM
" z2 y8 Y' j: L) R/ \8 N2 f& hCANADIAN PRESS
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0 P' ~3 e- ?. A; g+ }Royal Bank of Canada (TSX: RY) has cut long-term mortgage rates by up to a tenth of a point.2 X+ e* l0 x3 o+ c- l* z# r
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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.8 u, n/ v9 ?. n5 H
! h5 |& Z" Y# g' E4 x' U6 f8 q: }) qAt 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.+ ~( C6 x$ i3 L; T' f5 W
% e7 N% c3 `& ?6 A& p$ lThe cuts reflect the lower cost of borrowing in the bond market, where banks finance their mortgage loans. |
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