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RBC drops home mortgage rate
0 u" V0 m( e2 l/ TSep. 5, 2006. 12:45 PM; E( p5 X4 M2 I
CANADIAN PRESS
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Royal Bank of Canada (TSX: RY) has cut long-term mortgage rates by up to a tenth of a point.8 m4 I8 `- u' u2 U
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Canada'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.1 P a) K1 H2 p. E7 ]
, \6 d% D# U# J% }) S3 _1 `; Z" 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.0 ^% E7 L7 a+ e: P* d. [( @3 e3 h0 R
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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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