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Mortgage Rates Slashed

The bonds were yielding fewer assets and so the Royal Bank of Canada had to resort to take some drastic measures. Mortgage rates were slashed by the banking institution as an emergency move. It would ease up the pressure on the stash of bonds that had accumulated.

Jan 21 2014, 8:32am CST | by

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Mortgage Rates Slashed
 
 

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Mortgage Rates Slashed

The Royal Bank of Canada is a source of lending and an asset builder for most Canadians. They rely on its value in their daily lives as a trustworthy enterprise. The large-scale bank cut its half-decade fixed mortgage by ten points so that it reached 5.24%. Other residential loans were pared in a similar manner. 

Meanwhile, the bonds are yielding paltry amounts after falling by 27 points. The bank is facing a tough situation along with several other top financial firms in Canada. The Royal Bank of Canada, which is based in Toronto, is in the process of some creative manipulation of funds and liquid assets in order to maintain its viability. 

One thing is for sure. The average rate of five year mortgages in the cold and snowy country had remained fixed for awhile now. But now with crunch time in full swing, the bank had to cut corners and keep curbs on its monetary profile. 

While there are no signs of the bank packing its bags and waving its investors and clientele a sad farewell, it is in somewhat of a dilemma. That is why the curtailment of mortgage rates has been deemed the best possible step for recalibrating the otherwise high-yield bonds.    

Source: Businessweek

 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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