News: Vancouver Real Estate Market

The Big Banks Raise Interest Rates

 With rising costs of borrowing on the bond market the big banks (TD and RBC) decided to raise mortgage rates.

 

The biggest increase in rates are the 5 to 10 year closed mortgages , which will increase by 0.35 percentage points starting Tuesday.

 

The rate for a five-year closed mortgage will rise to 5.69 percent.

 

The move comes three weeks after TD cut mortgage rates, citing lower bond yields.

 

RBC's five-year closed mortgage moved up 0.35 percentage points to 5.69 percent. 

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