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RBC drops home mortgage rate5 i# \; I D; k% b
Sep. 5, 2006. 12:45 PM+ }& v; i' D& [8 K' y- ~9 a
CANADIAN PRESS7 ^, l* ?! {: v$ C, T+ _
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Royal Bank of Canada (TSX: RY) has cut long-term mortgage rates by up to a tenth of a point.
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) c2 c) P$ N- gCanada'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./ G0 ?& _! E0 }+ \! \4 @
7 |4 U2 U2 i P EAt 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.4 k' X6 `$ n/ U- O+ i
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The cuts reflect the lower cost of borrowing in the bond market, where banks finance their mortgage loans. |
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