Robert McLister·Mortgage Rate Trends·December 13, 2010RBC Boosts Fixed Rates, But Not Posted Fixed-rate funding costs have steadily risen for almost two months. We’ve seen the banks lift fixed rates once already, and now RBC is acting a second time. The nation’s largest mortgage lender is raising fixed rates 10-25 basis points, effective Wednesday. But here’s the kicker. RBC is leaving posted rates as-is. In other words, the 5-year posted fixed rate remains at 5.19%. Meanwhile, the “special offer” 5-year rate goes from 4.04% to 4.24%. This is quite a departure from the norm. Normally posted and discount mortgage rates move together. We’ve discussed the reasons for RBC’s decision here: RBC Mortgage Pricing Changes The rest of the Big 6 will likely follow RBC’s rate increases on discounted rates. What remains to be seen is whether the other banks keep their posted rates in check. The outcome has implications for: The qualifying rate (used to approve high ratio variable and 1-4 year fixed borrowers); and on, The future of posted rates in general. (As posted rates move closer to discount rates they may eventually lose all relevance, and maybe [hopefully] dissapear for good.) Rob McLister, CMT 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.