Five banks has increased mortgage rates


Next week, the market is widely anticipating an increase in the key benchmark rate set by the Bank of Canada. As a matter of fact, five banks have already begun to make some adjustments of their fixed-term mortgage interest rates. I have quoted some news coverage here from CBC:

RBC pushed its two-year, three-year and five-year fixed-term mortgage rates up by 20 basis points each. The two-year rate is now 2.54 per cent, while the three-year rate is 2.64 per cent, and the five-year rate moves up to 2.84 per cent.
BMO increased its rates on both its five-year fixed and five-year "smart fixed" mortgages by 20 basis points as of Friday, bringing them to 2.89 and 2.79 per cent respectively, when based on a 25-year amortization period. The bank also hiked its three-year mortgage rate to 2.64 per cent, an increase of 10 basis points.

1. BMO, CIBC latest lenders to increase some mortgage rates
2. RBC boosts fixed-term mortgage rates

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