Robert McLister·Mortgage Rate Trends·June 1, 2009RBC Raises 5-Year Fixed Rate People had a sense it was coming. Fixed rates are now “officially” on the way up. RBC just announced it is raising its 5- to 10-year fixed rates (RBC’s Release). It is the first increase in the posted 5-year rate in eight months, and it’s thanks to a big spike in bond yields. RBC’s new 5-year posted rate is 5.45%, up 0.20%. The rest of the Big 5 will likely follow at some point. Its “special offer” fixed rate (an industry benchmark for discounted 5-year mortgages) is now 4.15%. We’ve also seen several other smaller lenders increasing fixed rates, including some of the leading no-frills lenders. Will this lead to a longer-term uptrend in fixed rates? We’ll know in 6-12 months. For now, the good news is that we’re still just 0.20% above the lowest fixed rates in history. Moreover, if you want to lock in near the bottom, there are still some lenders who haven’t raised yet. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.