RBC Royal Bank is raising its mortgage rates for the second time in 2016 but those looking at buying their first home should worry too much.

Depending on the year rate of the mortgage the average raise is around 25 to 30 basis points.

Senior Mortgage Specialist Carola Singer says there's an increase in payments but it's not as bad you might think.

"To give you an idea if it goes up by 0.15 percent on a $320,000 mortgage that's a rough interest expense of $39.74 extra," she says.

RBC's terms has three year rates coming in at 2.69%, four years 2.79% and it's five year rate to 2.94%.

Singer says home buyers whether new or experienced have plenty of options when it comes to getting a mortgage that will work for them.

"There's still lots of good rates out there and you have to qualify at the benchmark rate anyway. If you're a first time home buyer and have to go through CNHC there's a whole lot of products out there."

She says when in doubt book a mortgage meeting with any consultant.

"Four year or six year rates, all the other ones are still very good rates and even at that if it's 2.59 to 2.69 they're still below three percent and variable rates have not gone up yet."

The new rates go up November 16.

Questions, comments, or story ideas? Email us at news@okotoksonline.com