Canadian banking giants start to raise rates

March 29, 2010 - Mortgage rates are on the upswing in Canada, signalling an end to historically low rates and an indication that the country's housing market is finally poised to cool off.

Both Royal Bank and TD Canada Trust announced Monday they are raising rates they charge on certain fixed mortgages, including the benchmark five-year mortgage, which jumped 60 basis points to 5.85% effective Tuesday.

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Source: Tim Shufelt, Financial Post

Marlene Ofter

Marlene Ofter

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