Canadian banks raise some mortgage rates

The Canadian Press ~ The News
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Toronto -

Two of Canada's biggest banks are raising some of their mortgage rates, effective Tuesday.
The changes affect closed mortgages with terms of three, four or five years at RBC Royal Bank (TSX:RY) and TD Canada Trust (TSX:TD).
Rates for mid-term mortgages like these tend to reflect the banks' borrowing costs on bond markets.
The Bank of Canada is also expected to begin raising its key lending rates this summer, which tend to have more influence on short-term lending rates.
The biggest increase announced today affects five-year mortgages. Both banks are hiking their posted rate by six-tenths of a per cent to 5.85 per cent.

Organizations: TSX, RBC Royal Bank, TD Canada Trust Bank of Canada

Geographic location: Toronto, Canada

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  • Amy
    July 02, 2010 - 13:31

    What goes up, must come down....
    The bottom will fall out of the housing market sooner or later, then they will be all scrabbling to sell those houses that they are building now, for considerably less than what they hope to get for them today.

  • Telling it how Id
    July 02, 2010 - 13:22

    I agree with member of the 20% on this one.

    Who remembers the day the Hebron MOU was signed by Danny Williams in what must have been 2008???

    Real Estate prices shot up that single day for a project A DECADE AWAY!

    I couldn't believe how gullable some people were....

    Banker / Real Estate Agent: Oh you better buy quick, the Hebron deal has been signed?

    Home shopper: Don't you think it's a little early, I mean, it's 10 years away.

    Banker / Real Estate Agent: No, NOW IS THE TIME TO BUY. NOW NOW NOW. Don't wait before it's too late. If you don't sign today, you are missing the oppurtunity of a lifeime

    Home shopper: Duh....okay.

  • Cee
    July 02, 2010 - 13:18

    gotta get ready for next years multi-million dollar xmas bonuses even if we do our jobs very poorly

  • Telling it how Id
    July 02, 2010 - 13:15

    And yet the real estate agencies will tell us that NOW IS THE TIME TO BUY....

    And this time, they mean it ;)

  • member of the 20%
    July 02, 2010 - 13:15

    The chartered banks showed the oil companies how to gouge customers and operate effectively within a consumer driven economy without pricing competitively; with no worry or concern whatsover about legal reprisal or political interference. A banker is likely the only profession that is less respected or trusted than a politician.

  • Amy
    July 01, 2010 - 20:20

    What goes up, must come down....
    The bottom will fall out of the housing market sooner or later, then they will be all scrabbling to sell those houses that they are building now, for considerably less than what they hope to get for them today.

  • Telling it how Id
    July 01, 2010 - 20:07

    I agree with member of the 20% on this one.

    Who remembers the day the Hebron MOU was signed by Danny Williams in what must have been 2008???

    Real Estate prices shot up that single day for a project A DECADE AWAY!

    I couldn't believe how gullable some people were....

    Banker / Real Estate Agent: Oh you better buy quick, the Hebron deal has been signed?

    Home shopper: Don't you think it's a little early, I mean, it's 10 years away.

    Banker / Real Estate Agent: No, NOW IS THE TIME TO BUY. NOW NOW NOW. Don't wait before it's too late. If you don't sign today, you are missing the oppurtunity of a lifeime

    Home shopper: Duh....okay.

  • Cee
    July 01, 2010 - 20:00

    gotta get ready for next years multi-million dollar xmas bonuses even if we do our jobs very poorly

  • Telling it how Id
    July 01, 2010 - 19:54

    And yet the real estate agencies will tell us that NOW IS THE TIME TO BUY....

    And this time, they mean it ;)

  • member of the 20%
    July 01, 2010 - 19:54

    The chartered banks showed the oil companies how to gouge customers and operate effectively within a consumer driven economy without pricing competitively; with no worry or concern whatsover about legal reprisal or political interference. A banker is likely the only profession that is less respected or trusted than a politician.