Here we go. TD just announced they’re raising rates on variable-rate mortgages and credit lines by one percent, to prime + 1%. That makes them the first major lender to go above prime on a variable mortgage in a very long time.
The move is effective tomorrow. Other banks may follow. If they do, fixed rates are going to start looking pretty darn good.
In a release, TD said, “While TD Canada Trust has endeavored to not pass on the increases in rates to its customers, this change reflects steadily increasing costs of funds in the current economic environment.”
For everyone that’s been quoted a variable rate in the last week or so, unless your mortgage planner or lender has submitted your application, don’t count on that rate being there tomorrow.
BMO looks like they’ve done away with their variable-rate discounts as well. Until yesterday they were one of the few remaining lenders with “prime minus” variables.
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