RBC is one again leading the push to higher fixed rates, taking its “special” 5 year rate to a hefty 3.69 per cent, effective Wednesday.
Many of its other special fixed rates will also see a hike, specifically a 10 bps increase on the 4-year closed to 3.39 per cent, a 20 bps increase to 3.99 per cent on the 7-year offer, and a 30 bps increase on the 10-year closed to 4.29 per cent.
This continues RBC’s upward pressure on mortgage rates, when the major bank decided to move rates above the 2.99 threshold over a month ago, coming on the heels of BMO’s announcement back in the early spring that it was not renewing its special 2.99 offer. That five-year term is now 3.19 per cent.
RBC had increased rates a week ago Monday, bumping a number of fixed rate offers by 20 bps, and pushing the 3-year closed rate up 10 bps to 3.75 per cent.
Just recently TD Canada Trust
increased its special 5-year closed residential rate 10 bps to 3.39 per cent – a discount off the posted rate. This was quickly followed by Scotia
, which moved its 2-, 4-, 7- and 10-year fixed terms up 10 bps on June 22, with a 4-year mortgage now 3.09 per cent.
B2B Bank and Laurentian have also increased rates, each moving posted numbers to 3.14 per cent on a one-year fixed closed.
Laurentian also posted 3.14 on the 2-year fixed rate, and 3.55 for a three-year fixed; whereas B2B now has 3.19 per cent on a 2-year closed, and 3.65 per cent on a 3-year closed.
The move continues a trend started by First National and MCAP
, when they raised the 5-year fixed rates to 3.09 per cent.