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Another major Canadian bank is raising its borrowing rates, citing market conditions for the increase.

Royal Bank of Canada said it is raising its rates for amortizations 25 years or under, effective Nov. 17, a move that follows a decision by Toronto-Dominion Bank earlier this month to raise its prime rate from 2.7 per cent to 2.85 per cent for variable rate mortgage customers.

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The Royal Bank changes affect new customers with fixed rate loans for terms of three, four and five years. The fixed rate for three years rises from 2.69 per cent to 2.79 per cent, four years goes from 2.79 per cent to 2.89 per cent and five years rises from 2.94 per cent to 3.04 per cent.