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RBC Mortgage Rate Hike To Land Friday

01/06/2016 08:15 EST | Updated 01/06/2017 05:12 EST
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Royal Bank of Canada (RBC) signage is displayed at the Royal Bank Plaza in Toronto, Ontario, Canada, on Thursday, Dec. 18, 2014. Royal Bank of Canada Chief Executive Officer David McKay said U.S. moves to normalize relations with Cuba present an opportunity for the lender to return to the Caribbean nation. Photographer: Kevin Van Paassen/Bloomberg via Getty Images
TORONTO — One of Canada's biggest lenders will be raising rates on several of its mortgages starting Friday.

Royal Bank of Canada says its special offer five-year fixed mortgage goes up one-tenth of a point to 3.04 per cent.

It noted that the changes don't apply to its posted mortgage rates, which are typically higher than special offer rates.

Read more: Canadian Mortgage Rates On The Rise, Threatening Housing Market: Experts

Several other special offer mortgage rates from RBC will also rise by 0.10 per cent on Friday but the amount of annual interest charged will depend on whether the term is two, three or four years.

Royal (TSX:RY) is also raising the rate for a variable five-year mortgage by 0.15 per cent, starting Jan. 8.

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