RBC, TD end 2.99% mortgage deals early
CBC News
Posted: Feb 8, 2012 3:19 PM ET
Last Updated: Feb 8, 2012 5:20 PM ET
RBC & TD Bank have discontinued their record-low mortgage rates of 2.99% (Stephen Hird/Reuters)
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Canada’s two biggest banks have discontinued their record-low mortgage offers early, after briefly offering rates of below three per cent.
TD Bank raised its special four-year fixed mortgage rate from 2.99 per cent to 3.39 per cent, effective Wednesday. It introduced a new five-year special fixed rate of 4.04 per cent.
The bank also raised its standard five-year closed rate by 10 basis points to 5.24 per cent.
The hike is in response to similar moves by the Royal Bank, which announced it would raise its record-low rates on Monday.
RBC, Canada’s largest bank, hiked its four-year fixed mortgage rate from 2.99 per cent to 3.39 per cent, and raised its five-year special fixed rate to 4.04 per cent, effective Wednesday.
Both banks initially planned to offer the deals until the end of February.
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