RBC raises mortgage rates by 0.6%

Royal Bank, Canada’s largest bank, said Monday it is raising rates it charges on certain fixed mortgages, including the benchmark five-year mortgage.

Royal’s five-year closed mortgage jumps 0.60 percentage points to 5.85 per cent, the bank said in a statement.

Its four-year term closed mortgage rises by 0.40 percentage points to 5.34 per cent, while its three-year product rises 0.20 percentage points to 4.35 per cent.