Wednesday 21 August 2013

RBC hiked 5 year Special AND Posted rates (Qualifying rate?)

1. Special Offer Rates*

Four-year closed3.59 per cent(increased by 0.20 per cent)
Five-year closed3.89 per cent(increased by 0.20 per cent)
Seven-year closed4.19 per cent(increased by 0.20 per cent)
Ten-year closed4.59 per cent(increased by 0.30 per cent)

2. Fixed Rate Posted Rates

Three-year closed3.95 per cent(increased by 0.20 per cent)
Four-year closed4.74 per cent(increased by 0.20 per cent)
Five-year closed5.34 per cent(increased by 0.20 per cent)

LINK

5 year posted rates = Qualifying rate.
The question is, is Qualifying rate set by Bank of Canada's 5y posted rates, or individual banks' 5y posted rates.
Can impact both fixed and variable rate borrowers.

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