Canada's major banks have begun raising their mortgage rates

The Gazette April 5, 2011 - Canada's major bank have begun raising their mortgage rates, citing rising bond yields and subsequent increases in the cost of funds. Toronto-Dominion Bank was first to announce Monday it was increasing rates on more than a dozen of its mortgage offerings, with the popular five-year closed mortgage going up 35 points to 5.69 per cent. The move was followed by Royal Bank of Canada, Canadian Imperial Bank of Commerce and Laurentian Bank. Six-month convertible and one-year open mortgages were unchanged.

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Marlene Ofter

Marlene Ofter

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