It has been expected for some time as we were experiencing the lowest mortgage rates in Canadian history. Bond rates have been rising for the past few months which has now pushed lending rates higher.
RBC, BMO, TD, Scotiabank, and CIBC all increased their posted rates on five-year, fixed-rate mortgages by 0.2 per cent to 5.45 per cent. The changes at RBC and BMO took effect yesterday, while new rates at TD, Scotiabank and CIBC will be available today.
Rates are still very low and it is still a great time to borrow money but it does appear we have seen the bottom and most experts agree rates will rise for the remainder of 2009.
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