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- Janet & Tom, Toronto, Ontario

RBC On Its HELOC Rate (Feb.10th.2010)
Understanding why HELOC rates are still high, while variable mortgage rates keep falling is sometimes hard. Just yesterday, RBC raised its HELOC(Home Equity Line of Credit) rate by 1/4%. Prior to that, it led the industry since October at prime + 0.50%. Spokesperson, Gillian Mcardle, said: “We base mortgage product pricing decisions on a number of factors -- these include not only funding (cost) and risk factors, but also strategic, business decisions to differentiate ourselves in the marketplace.”
McArdle says that RBC “characterizes (its HELOC rate change) as having ended a special rate offer and moving back to our everyday low pricing.”