Rates Rise on Fixed-Term Mortgages
Several of Canada’s big banks are raising most of their fixed-term mortgage rates ahead of the busy spring real estate market.
TD Canada Trust said the biggest increases will be for mortgages with terms of five to 10 years, which will all go up by 0.35 percentage points starting Tuesday.
The move was matched by CIBC.
The Royal Bank raised its rates on mortgages for five- and 10-year terms by 0.35 percentage points and its seven-year rate by 0.15 percentage points.
The posted rate for five-year closed mortgages — one of the most popular types of loans for Canadian home owners — will rise to 5.69 per cent.
The three banks will also raise their rates on one-year, three-year and four-year terms by 0.2 percentage points while two-year terms go up 0.3 percentage points.
Fixed mortgage rates, which are closely tied to the bond market, tend to climb when traders shift investment activity to riskier equity assets from bonds, which are considered safer.
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