Mortgage rates are on the rise, as most Canadian banks have boosted rates across the board by as much as a fifth of a percentage point.
Bank of Montreal, CIBC, TD and National Bank have hiked their rates on all terms from one year to five years by a fifth of a percentage point. Shorter and longer terms were boosted by smaller amounts.
The benchmark five-year rate for a closed mortgage at most financial institutions is now 6.64 per cent, though heavy discounting will often reduce that by a full percentage point.
Mortgage rates are rising because of rising yields in the bond market, where mortgage financing is arranged.
The yield for the benchmark five-year Government of Canada bond was 4.11 per cent on Monday, according to data from the Bank of Canada. A month earlier, the yield was 3.96 per cent.
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