Several of Canada’s big banks announced increases in their residential mortgage rates effective Tuesday.
Royal Bank, TD Bank and Laurentian Bank all raised the posted rate for a five-year fixed-rate mortgage by 0.15 percentage points to 5.54 per cent.
Royal Bank raised its special offer rate for a five-year mortgage by 0.15 percentage points to 4.39 per cent, while TD and Laurentian raised their special offer rates for a five-year fixed-rate mortgage by 0.15 percentage points to 4.29 per cent.
Most other special and fixed rates at the banks were also going up between 0.10 and 0.15 percentage points.
Fixed-rate mortgage rates are affected by the cost of borrowing in the bond market, where banks finance their home loan lending.
Mortgage brokers will be able to shop the market for you and will have access to the best possible rate available, lower than the big banks.
Adam Curtis, mortgage broker, mortgage consultant, kamloops mortgage, renewal, refinance.
