Variable Mortgage Rate - Increase
August 25th, 2011
RBC has hiked its variable mortgage rates without waiting for the central bank to move first.
Canada's biggest bank is moving to cushion its bottom line as profit from mortgage lending is being squeezed from prolonged low interest rates and the increasing cost of funds for the bank.
"Due to global economic concerns, the funding costs for banks have been increasing," it said in a state ...
