BUSINESS

Royal Bank boosting its residential mortgage rates again on Tuesday

06/28/2013 01:28 EDT | Updated 08/28/2013 05:12 EDT
TORONTO - Royal Bank of Canada (TSX:RY) is boosting some of its home mortgage rates for the third time since the beginning of June.

The increases will range from one-tenth to three-tenths of a point, depending on the type of mortgage, and will come into effect on Tuesday.

Royal Bank says its special discounted four-, five-, seven-, and ten-year rates are going up to 3.39, 3.69, 3.99 and 4.29 per cent respectively.

Royal increased some of its mortgage rates twice in June following a plunge in bond prices in May.

Scotiabank (TSX:BNS) and TD Bank (TSX:TD) have also recently increased some of their special discounted rates.