My Search for a Home: Mortgage rates going up

Wednesday, November 17, 2010

Mortgage rates going up

Global concerns about Ireland's fragile finances and the USA's sluggish economy have caused TD Canada Trust and the Royal Bank of Canada to both raise their fixed-term mortgage rates by one-quarter of a percentage point, effective this past Wednesday.

For both banks, five-year mortgages, popular among Canadian homeowners, will rise by 0.25% to 5.44% total. Not long ago they were slashing mortgage rates in an effort to be competitive. No longer.

With signs the housing market in Canada is about to rebound (and that the housing bubble isn't going to burst immediately) they also upped rates on three-year and four-year mortgages, again by 0.25%. One-year and two-year rates will go up by 0.15%.

Rates for mortgages that have six, seven, and 10 year terms will be unchanged.

No comments:

Post a Comment

Comments containing links will be marked as spam and not approved. We moderate every comment.

Moffat Inspections provides thorough and reliable home inspections throughout Ajax, Pickering, and the Durham Region. The company focuses on uncovering potential issues before they become expensive problems, offering clear and practical reports that homeowners and buyers can actually understand. From foundations and roofs to plumbing, heating, and electrical systems, Moffat Inspections delivers detailed, honest assessments — no gimmicks, no guesswork. For professional property inspections done right, visit moffatinspections.ca.