With 5-year yields rising again today, TD is the first bank to hike fixed mortgage rates.
TD is lifting its 5-year rates by 1/4 percentage point, effective tomorrow. The bank’s other fixed rates are also headed higher.
TD’s advertised “special offer” rate is now 4.39% while its 5-year posted rate has jumped to 5.44%. Odds are, we’ll see the market shift to 3.99%-4.09% (or thereabouts) for full-featured deeply-discounted 5-year fixed rates.
The other banks are expected to follow TD’s lead soon. The Big 5 last raised rates around December 15, but at that time they left posted rates as is. If the other banks match this new 5.44% posted rate, that means the qualification rate will likely rise on Monday.