Royal Bank (TSX:RY) is hiking mortgage rates and making it more expensive for homebuyers who want to take more than 25 years to pay back their loan.The bank is raising its special offer for a five-year fixed rate mortgage to 2.94 per cent, an increase of 30 basis points.The lender is also raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.The company is also ...

This is how the new mortgage rules have impacted housing markets across the country.?First-time home buyers looking to get into the market before having to face tougher mortgage eligibility criteria had only two weeks to do so following the Finance Minister?s announcement of tighter mortgage regulations in early October,? said Gregory Klump, CREA?s Chief Economist. ?Early evidence suggests that the influence of tighter mortgage regulations on sales activity has been mixed.?The federal ...