Monday, November 22, 2010

Well, it had to happen! RBC and TD Bank increase mortgage rates

In case you missed it, both the TD Bank and Royal Bank Canada (RBC) have finally increased their fixed term mortgage rates by as much as one-quarter of a percentage point- effective now. For both banks, it is the five-year mortgages that will be most affected, as it is one of the most popular among Canadian homeowners. It will rise by 0.25 of a percentage point to 5.44 per cent. However, it is still possible to get a five-year fixed rate for 3.49% from DLC mortgage lenders, which is quite a bit lower than the bank rates.

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