Housing Costs and Mortgage Rates Rise

Short-term mortgage rates rose up to a fifth of a point yesterday as inflationary pressures pushed up interest rates in the bond market. The Royal Bank announced it is increasing its mortgage rates on terms ranging from six months to three years, effective today. A one-year closed mortgage rises by a fifth of a point to 6.05%, while a three-year term jumps a tenth of a point to 6.2%. Rates on four-year to 10-year terms have not changed.