TD Canada Trust was the first of the big banks to announce increases in mortgage rates effective Tuesday Apr. 5th, 2011. TD is raising most of its fixed-term mortgage rates, a move that reflects the bank’s increased cost of funds on bond markets.
TD says the biggest increases will be for mortgages with terms of five to 10 years, which will all go up by 0.35 percentage points starting Tuesday.
TD mortgages with one-year, three-year and four-year terms will rise by 0.2 percentage point while two-year terms go up 0.3 percentage point.
Not all lenders have announced fixed rate increases yet and rate holds are still available at today’s rates. If you need a pre-approval for a purchase in the next 120 days, and are leaning towards a fix rate I recommend you do so today.
If you have any questions, please feel free to contact Scott Dawson by any of the methods below:
Phone: (778) 668-9320