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Mortgage rate increase: Is it time to lock in?
- March 29, 2010 10:46 AM |
- By POV
Royal Bank and TD Canada Trust announced Monday they are increasing several mortgage rates by up to 6/10ths of a percentage point.
The biggest jump is attached to the popular five-year fixed closed rate, which moves from 5.25 per cent to 5.85 per cent at both banks. That's the posted rate, which is routinely discounted.
RBC's new discounted rate for the five-year term also rises 6/10ths of a percentage point to 4.59 per cent. TD's rises the same amount to 4.55 per cent.
Other banks are expected to follow suit. The new rates are effective Tuesday.
Read more:
Do you think this is the start of higher mortgage rates everywhere in the months ahead? Take our poll.
The biggest jump is attached to the popular five-year fixed closed rate, which moves from 5.25 per cent to 5.85 per cent at both banks. That's the posted rate, which is routinely discounted.
RBC's new discounted rate for the five-year term also rises 6/10ths of a percentage point to 4.59 per cent. TD's rises the same amount to 4.55 per cent.
Other banks are expected to follow suit. The new rates are effective Tuesday.
Read more:
Do you think this is the start of higher mortgage rates everywhere in the months ahead? Take our poll.
(This poll is not scientific. It is based on readers' votes.)
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