Robert McLister·Mortgage Rate Trends·May 7, 2010TD Drops Its 5-year Fixed Rate TD Canada Trust has trimmed its posted 5-year fixed rate by 15 basis points, from 6.25% to 6.10%. That comes with bond yields down 30 basis points from the last time fixed rates increased on April 26. (Bond yields generally lead fixed-mortgage pricing, but not always on a one-to-one basis) If the other banks follow as expected, and barring further changes, then: The new benchmark for a discounted 5-year fixed rate will drop to 4.70%. Expect banks to provide at least 20 basis points “discretion” off this rate if you’re well qualified. Competitive broker rates for 5-year fixed terms are under 4.50% and may drop a bit more if bond yields don’t rebound. The qualifying rate will change to 6.10% on Monday, May 17. If you choose an insured mortgage with a variable or 1-4 year fixed term, lenders will make sure you can afford the payments at this rate. None of TD’s other rates were changed. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.