Written by 11:04 PM General Views: 1

Big Banks Hike Mortgage Rates

Bond rates have bounced 1/4% in the last month thanks to a sinking dollar and perky economy.  That’s prompted Canada’s biggest banks to hike rates.  Royal Bank, CIBC, Bank of Montreal, and Scotiabank all boosted their one to five-year mortgages 0.20% on Tuesday.  Their 5-year posted rate is now 6.65%.  Their “discounted” 5-year rate is about 5.59%.

(But we can do much better!)

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Last modified: January 16, 2007

Robert McLister is one of Canada’s best-known mortgage experts. A mortgage columnist for The Globe and Mail, interest rate analyst and editor of MortgageLogic.news, Rob has been covering Canada's mortgage market since 2007.