Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Loonie Keeps Traders Interested Despite Volume Slump Jul 29th
Data from central banks around the world released on Monday indicated that currency trading in April was down considerably from a year earlier. However, the Canadian dollar to some degree bucked that trend..... More »
Is It Worth Getting a U.S. Dollar Credit Card? Mar 14th
According to the most recent census, two out of three (66%) Canadians live within 100 kilometres of the U.S. border. So, naturally millions of citizens cross over to the 13 neighbouring states every month. Many snowbirds even choose to stay for part of the year. But, with the value of the loonie si.... More »
Italian, Irish, Spanish banks do worst in EU stress test Jul 30th
The EBA test looked at how banks could withstand a three-year theoretical economic shock
.... More »
Business Highlights Aug 8th
___
Steady US job gains likely foretell a new era: Higher rates
WASHINGTON (AP) — A new era of higher rates on home and car loans, steeper borrowing costs for businesses and the government — maybe even a bit more return for savers — is about to arrive.
That, at least, is the word from most eco.... More »
Tips for Paying Off Credit Card Debt Jun 14th
Credit card bills got you down?
That’s the trouble with paying with plastic. It is easy to spend, but not quite as easy to pay off the debt you accrue – especially if you are only paying the minimum each month. Carrying too much credit card debt can make it harder to get a loan for a house .... More »
TORONTO – A move by Royal Bank to slightly decrease its fixed mortgage rates may have would-be homeowners wondering whether other banks may follow suit.
RBC cuts mortgage rates, don’t expect others to follow suit
– moneysense.ca
TORONTO – A move by Royal Bank to slightly decrease its fixed mortgage rates may have would-be homeowners wondering whether other banks may follow suit.
But one expert says that while that’s a possibility, it’s also not the most important question people should be asking.
RBC (TSX:RY) quietly lowered its rates on several fixed-rate mortgages by 10 basis points over the weekend. It was a small drop to the discounted rate offered by the bank until the end of the month, but one that went against the general trend of rising rates.
Jason Scott, a mortgage broker with The Mortgage Group in Edmonton, says a push to lower rates as big lenders compete for mortgages in the important spring market is possible, but the change simply brings RBC closer to those already being offered by some other lenders.
He also points out that this latest change is unlikely to have the effect major cuts have had in a past — like when the Bank of Montreal lowered its five-year rate to 2.99 per cent and created a price war…
But one expert says that while that’s a possibility, it’s also not the most important question people should be asking.
RBC (TSX:RY) quietly lowered its rates on several fixed-rate mortgages by 10 basis points over the weekend. It was a small drop to the discounted rate offered by the bank until the end of the month, but one that went against the general trend of rising rates.
Jason Scott, a mortgage broker with The Mortgage Group in Edmonton, says a push to lower rates as big lenders compete for mortgages in the important spring market is possible, but the change simply brings RBC closer to those already being offered by some other lenders.
He also points out that this latest change is unlikely to have the effect major cuts have had in a past — like when the Bank of Montreal lowered its five-year rate to 2.99 per cent and created a price war…
