TD Canada Trust announced Monday February 7.2011 they would be raising some of their fixed-term mortgage rates by as much as a quarter of a percentage point.
The five-year fixed rate mortgage, a popular choice among Canadians, increased by a quarter of a percentage point to 5.44 per cent.
The five-year special closed fixed rate also increased by 0.25 of a percentage point to 4.39 per cent.
The four-year fixed rate increased by 0.20 of a percentage point to 5.14 per cent, and the six-year fixed rate by 0.25 of a percentage point to 5.95 per cent.
All the new rates come into effect on Tuesday.
The hike comes one month after the federal government announced changes to mortgage rules.
The new rates only apply to new mortgages and renewals, and will not impact existing mortgages.
As of Monday afternoon, no other Canadian bank had announced their own hikes.
Posted by Allen Mayer, Broker http://www.allenmayer.com/
The five-year special closed fixed rate also increased by 0.25 of a percentage point to 4.39 per cent.
The four-year fixed rate increased by 0.20 of a percentage point to 5.14 per cent, and the six-year fixed rate by 0.25 of a percentage point to 5.95 per cent.
All the new rates come into effect on Tuesday.
The hike comes one month after the federal government announced changes to mortgage rules.
The new rates only apply to new mortgages and renewals, and will not impact existing mortgages.
As of Monday afternoon, no other Canadian bank had announced their own hikes.
Posted by Allen Mayer, Broker http://www.allenmayer.com/
