Banks hike mortgage rates again
Posted Apr 13, 2010 6:09 pm.
This article is more than 5 years old.
Big banks have hiked mortgage rates again.
Tuesday, RBC announced it’s raising the rates on many of its fixed products by .25 basis points.
Scotiabank followed suit later in the day. It was just two weeks ago that banks raised rates by as much as a percent.
The head of the Alberta Association of Mortgage Brokers says the increases, plus new mortgage rules set to take effect soon, will mix to create some panic in the marketplace.
Todd Fralic tells 660News that’s going to get a lot of tentative buyers off the fence to make offers.
He adds there are still unanswered questions as to what might happen next, not the least of which is when the Bank of Canada will move to increase its benchmark rate that’s now at a historic low of .25 per cent.
