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Are Canadian Mortgage Rates on the Rise

Are Canadian Mortgage Rates on the Rise

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On June 20th, the Royal Bank of Canada issued a News Release they increasing their residential mortgage rate offers effective June 24, 2013. The Fixed Rate Posted Rates for 3 year closed has been increased to 3.75 percent increasing the rate by .10%. The majority of the increases were for Special Fixed Rate Offers with the Four-Year, Five-Year and Seven-Year Closed increasing by .20%.

That same day Scotiabank issued a News Release stating an increase in special discounted rates on residential mortgages for their 2 year, 4 year, 7 year and 10 year fixed term of .10%. Increases came a day after TD Canada Trust increased its “special” five-year closed rate a tenth of a percentage point to 3.39%.

We have seen mortgage rates at record levels, so although on the rise, it may just be getting us back to more regular rates. So far we have not seen an increase in best mortgage rates from our most of our Mortgage Brokers . What does this mean to you? Your mortgage broker can assist you in getting the best mortgage rates.

We will continue to bring answers to the question “Are Canadian Mortgage Rates on the Rise?”. See you next week!