Today several banks, including TD, raised their fixed term mortgage rates. TD's 5-year rate moved from 5.34% to 5.69%, an increase of 35 basis points. We expect more banks to follow suit over the next few days.We checked with a few mortgage brokers this morning and their rates have not net increased, still generally below 4% for a 5-year mortgage.
If you are considering buying a property in the next couple of months, you should talk to your bank or broker today and discuss locking in a rate.
