Despite Record Bank Profits, The Royal Bank of Canada Is Raising Mortgage Rates
Canadian Banks are making record profits. But of course, it’s not enough.
Royal Bank of Canada has announced that they are increasing mortgage rates.
Four-year and five-year rates for mortgages shorter than 25 years are up 30 points.
For those taking more than 25 years to pay, three, four, and five-year rates are up 35, 40 and 40 points, respectively.
Check out the chart below:
TD Bank also increased rates a month ago, part of a trend of banks gouging struggling customers even as they record record profits.
Of course, banks are casting blame elsewhere. The latest excuse is that rising debt in the United States will drive up rates worldwide and banks need to respond early.
That’s just a convenient excuse to do what they want to do anyway: Take more money out of the pockets of their customers and keep racking up the record profits.
Don’t expect politicians to do anything about it or even bring it up
The system has become so out of touch and so skewed towards the powerful that our “leaders” don’t see anything wrong with banks gouging people.
For many Canadians, life is about to get more expensive. More money out of our pockets and into the hands of the powerful.
Photo – AJ Batac